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You are considering purchasing a new car and would need to finance $24,000 of the purchase. The dealership will finance the purchase for you for

You are considering purchasing a new car and would need to finance $24,000 of the purchase. The dealership will finance the purchase for you for 60 months at an annual interest rate of 2.9%.

a. What is the true interest rate?

b. What is the effective annual interest rate?

c. What is the monthly payment on this fully amortized loan?

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