You want to buy a new sports coupe for $84,500, and the finance office at the dealership has quoted you an APR of 4.7 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?
Input area:
Cost of car	$84,500
APR	4.70%
Number of months	60
Compounding periods per year	12
(Use cells A6 to B9 from the given information to complete this question. Your payment should be a positive value.)
Output area:
Solve Using Excel
Payment
Effective interest rate