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You want to buy a new sports coupe for $92,500, and the finance office at the dealership has quoted you an APR of 7.4 percent
You want to buy a new sports coupe for $92,500, and the finance office at the dealership has quoted you an APR of 7.4 percent for a 60 month loan to buy the car. |
What will your monthly payments be?(Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) |
Monthly payment | $ |
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.) |
Effective annual rate | %
|
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