What is the Effective Annual Rate (EAR) on a deposit account with a stated Annual Percentage Rate (APR) of 12% and compounded every quarter?

12%

12.6%

12.3%

3%

Als Autos has a 12% APR 84 monthly payment financing option on new$22,494 Jeep Wrangler. What is the monthly payment?

$267.79

$410.74

$397.08

Your car lease requires a down payment of $1,500 and payments of $450 per month for 36 months. The APR is 6% compounded monthly and payments are made at the end of the month. At the end of the lease, you have the option to buy the vehicle for $20,000 (the residual value). How much is the car worth today? (Round to whole number and answer without $ sign)