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Marshall Chavez bought a Honda Civic for $17,345. He put down $6,000 and financed the rest through the dealer at an APR of 5.04 percent
Marshall Chavez bought a Honda Civic for $17,345. He put down $6,000 and financed the rest through the dealer at an APR of 5.04 percent for four years. What is the effective annual interest rate (EAR) if the loan payments are made monthly? Round your answer to 3 decimal places represent percentage as a decimal.06 (not 6). Mike White is planning to save up for a trip to Europe in three years. He will need 7,544 when he is ready to make the trip. He plans to invest the same amount at the end of each of the next three years in an account paying 8 percent. What is the amount he will have to save every year to reach his goal? Please round to two decimal places
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