you want to buy a new sports coupe for $79,500, and the finance office at the dealership has quoted you an APR of 5.8 percent for a 60-month loan to buy the car. What will your monthly payments be? What is the effective annual rate on this loan?

Cost of Car: 79,500 (D6)

Discount Rate: 5.8% (D7)

# of years: 5 years (D8)

# of times compounded per year: 12 (D9)

payment:_____

Effective Interest rate:____

Note: The question is asking to solve the payment and interest rates with excel formulas, how the excel book refers to the numbers is in parenthesis to the right of the numbers.