Question
You just bought a car and borrowed $26,000 to finance the purchase. If your monthly payments for the next 5 years are $492.18, what is
You just bought a car and borrowed $26,000 to finance the purchase. If your monthly payments for the next 5 years are $492.18, what is the APR of the loan?
Step by Step Solution
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There are 3 Steps involved in it
Step: 1
To calculate the APR Annual Percentage Rate of the loan we need to use the formula APR PMT PV 1...
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Step: 2
Step: 3
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Macroeconomics Principles Applications and Tools
Authors: Arthur O'Sullivan, Steven Sheffrin, Stephen Perez
9th edition
978-0134089027, 134089022, 978-0134420684
