Question
You want to buy a new sports coupe for $79,500, and the finance office at the dealership has quoted you an APR of 6.1 percent
| You want to buy a new sports coupe for $79,500, and the finance office at the dealership has quoted you an APR of 6.1 percent for a 72 month loan 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. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) |
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Real Estate Finance Theory And Practice
Authors: Terrence M. Clauretie, G. Stacy Sirmans
4th Edition
032414377X, 978-0324143775
