Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

You have arranged for a loan on your new car that will require the first payment today. The loan is for $42,50 payments are $730.

You have arranged for a loan on your new car that will require the first payment today. The loan is for $42,50 payments are $730. If the loan will be paid off over the next 77 months, what is the APR of the loan? Note: Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal p APR %
image text in transcribed
image text in transcribed
You have arranged for a loan on your new car that will require the first payment today. The loan is for $42,5 payments are $730. If the loan will be paid off over the next 77 months, what is the APR of the loan? Note: Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal You have arranged for a loan on your new car that will require the first payment today. The loan is for $42,500, and the monthly payments are $730. If the loan will be paid off over the next 77 months, what is the APR of the loan? Note: Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Contemporary Topics In Finance

Authors: Iris Claus, Leo Krippner

1st Edition

1119565162, 978-1119565161

More Books

Students also viewed these Finance questions

Question

Prepare a constructive performance appraisal.

Answered: 1 week ago

Question

List the advantages of correct report formatting.

Answered: 1 week ago