Problem 6.20 – Payments and Effective Annual Rate for a Car Loan

Fundamentals of Corporate Finance

Ross, Westerfield, and Jordan

13th Edition

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What are the monthly payments and the effective annual rate for a 48-month loan to buy a sports coupe priced at $90,500, given an APR of 7.2%? (Your numbers will vary). Find your monthly payments and the effective annual rate on the loan.

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