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You want to buy a new sports coupe for $74,500, and the finance office at the dealership has quoted you an APR of 6.9 percent

You want to buy a new sports coupe for $74,500, and the finance office at the dealership has quoted you an APR of 6.9 percent for a 36-month loan to buy the car.

What will monthly payments be?

What is the effective annual rate on this loan?

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