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You take out an $8.400 car loan that calls for 36 monthly payments starting after 1 month at an APR of 9%. a. What is

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You take out an $8.400 car loan that calls for 36 monthly payments starting after 1 month at an APR of 9%. a. What is your monthly payment? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Answer is complete and correct. Monthly payment $ 267.12 b. What is the effective annual interest rate on the loan? (Do not round intermediate calculations. Enter your answer os o percent rounded to 2 decimal places.) Answer is complete and correct. Effective annual interest rate 9.30 c. Now assume the payments are made in three annual year end installments. What annual payment would have the same present value as the monthly payment you calculated? (Do not round Intermediate calculations, Round your answer to 2 decimal places.) Answer is complete but not entirely correct. Annual payment S 267 1283

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