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You want to buy a new sports coupe for $74,800, and the finance office at the dealership has quoted you a loan with an APR

You want to buy a new sports coupe for $74,800, and the finance office at the dealership has quoted you a loan with an APR of 7.2 percent for 48 months to buy the car.

What will your monthly payments be?

What is the effective annual rate on this loan?

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