(Answered) What is an effective annual rate isnt it 775 the sticker

Engineering

What is an effective annual rate? isnt it 7.75 %?

The sticker price is $35,000. Provincial sales taxes of 15% would apply. Amal has $5,000 to use as a down payment. The bank will charge her 7.75% on her car loan, compounded monthly. She will make monthly loan payments.

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