Question $20$

Calculating Loan Payments $[$LO$2,4]$ You want to buy a new sports coupe for $$84,500,$ and the finance office at the dealership has quoted you an APR of $5\mathrm{.}2$ percent for a $60$month loan to buy the car. What will your monthly payments be$?$ What is the effective annual rate on this loan?

Value of the car

Discount rate

# of years

# of times compounded per year

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