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Problem 6 - 2 0 Calculating Loan Payments LO 2 , 4 ] You want to buy a new sports coupe for $ 9 3

Problem 6-20 Calculating Loan Payments LO2,4]
You want to buy a new sports coupe for $93,500, and the finance office at the dealership has quoted you an APR of 7.5 percent for a 48-month loan to buy the car.
a. What will your monthly payments be?(Do not round intermediate calculations and round your answer to 2 decimal places, e.g.,32.16.)
b. What is the effective annual rate on this loan? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g.,32.16.)
a. Monthly payment
b. Effective annual rate
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