Question
You want to buy a new sports coupe for $74,700, and the finance office at the dealership has quoted you a loan with an APR
| You want to buy a new sports coupe for $74,700, and the finance office at the dealership has quoted you a loan with an APR of 7.1 percent for 72 months to buy the car. | |
| a. | What will your monthly payments be? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) |
| b. | What is the effective annual rate on this loan? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) |
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| Streamsong Credit Bank is offering 6 percent compounded daily on its savings accounts. Assume that you deposit $5,700 today. | |
| a. | How much will you have in the account in 3 years? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16. Use 365 days in a year.) |
| b. | How much will you have in the account in 6 years? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16. Use 365 days in a year.) |
| c. | How much will you have in the account in 12 years? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16. Use 365 days in a year.) |
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