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You want to buy a new sports coupe for 75,400, and the finance office at the dealership has quoted you with an APR of 7.8

You want to buy a new sports coupe for 75,400, and the finance office at the dealership has quoted you with an APR of 7.8 percent for 60 months to buy the car.

a) what will your monthly payments be?

b) What is the effective annual rate on this loan?

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