Calculating loan paymentsyou want to buy a new sports coupe, Ask an Expert

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Calculating Loan Payments

You want to buy a new sports coupe for $75,700, and the finance office at the dealership has quoted you a loan with an APR of 8.1 percent for 36 months to buy the car.

Requirement 1:

What will your monthly payments be? (Enter rounded answer as directed, but do not use rounded numbers in intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).)

Monthly payment $

Requirement 2:

What is the effective annual rate on this loan? (Enter rounded answer as directed, but do not use rounded numbers in intermediate calculations. Enter your answer as a percent rounded to 2 decimal places (e.g., 32.16).)

Effective annual rate %

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92062671

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