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You want to buy a new sports coupe for $77,500, and the finance office at the dealership has quoted you an APR of 5.9 percent

You want to buy a new sports coupe for $77,500, and the finance office at the dealership has quoted you an APR of 5.9 percent for a 48-month loan 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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