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Problem 5 - 2 0 Calculating Loan Payments [ LO 2 ] You want to buy a new sports coupe for $ 7 4 ,
Problem Calculating Loan Payments LO
You want to buy a new sports coupe for $ and the finance office at the dealership has quoted you a loan with an APR of percent for months to buy the car.
a What will your monthly payments be
Note: Do not round intermediate calculations and round your answer to decimal places, eg
b What is the effective annual rate on this loan?
Note: Do not round intermediate calculations and enter your answer as a percent rounded to decimal places, eg
tablea Monthly payment,,b Effective annual rate,
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