Problemyou want to buy a new sports coupe for 74500 and the, Ask an Expert

Finance

Problem:

You want to buy a new sports coupe for $74,500, and the finance office at the dealership has quoted you a loan with an APR of 6.9 percent for 36 months to buy the car.

Requirement 1:

Question 1: What will your monthly payments be?

Question 2: What is the effective annual rate on this loan?

Note: Please show how you came up with the solution.

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Basic Finance, Finance

Category:- Basic Finance
Reference No.:- M91174710

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