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Problem 6.16 Chris Anderson bought a Honda Civic for $17,345. He put down $6,000 and financed the rest through the dealer at an APR of

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Problem 6.16 Chris Anderson bought a Honda Civic for $17,345. He put down $6,000 and financed the rest through the dealer at an APR of 8.6 percent for four years. What is the effective annual interest rate (EAR) if the loan payments are made monthly? (Round answer to 2 decimal places e.g. 15.25%.) Effective Annual interest rate % Click if you would like to Show Work for this question: Open Show Work

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