Question
You purchased a car 4 years ago using a $35,000, 6-year loan. The quoted interest rate was 6%, with monthly payments for this ordinary annuity.
You purchased a car 4 years ago using a $35,000, 6-year loan. The quoted interest rate was 6%, with monthly payments for this ordinary annuity. What is the effective interest rate you would be paying on this car loan?
0.5%
0.5011%
6.00%
6.1678%
None of the above
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Personal Finance
Authors: Jack Kapoor, Les Dlabay, Robert J. Hughes
8th Edition
007322359X, 9780073223599
