Question
You bought a new car with financing of $50,000 (i.e., you borrowed $50,000). They allow you to pay back in monthly installments of $1,528 for
You bought a new car with financing of $50,000 (i.e., you borrowed $50,000). They allow you to pay back in monthly installments of $1,528 for three years. What is the effective annual rate (EAR) that they are charging you?
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Fundamentals of Financial Management
Authors: Eugene F. Brigham, Joel F. Houston
Concise 6th Edition
324664559, 978-0324664553
