You want to buy a new sports coupe for $73,500, and the finance offic - 15609

Solution Posted by
yousafbhutta

yousafbhutta

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Solution Detail
Price: $0.50
  • From: Business,
  • Posted on: Sun 10 Mar, 2013
  • Request id: None
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Request Description

 

You want to buy a new sports coupe for $73,500, and the finance office at the dealership has quoted you a 5.5 percent APR loan for 72 months to buy the car.

 

What will your monthly payments be? (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16))

 

Solution Description

You want to buy a new sports coupe for $73,500, and the finance office at the dealership has quoted you a 5.5 percent APR loan for 72 months to buy the car.

 

What will your monthly payments be? (Do not round intermediate calculations and round your final 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 and round your final answer to 2 decimal places. (e.g., 32.16))

 

  Effective annual rate
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want.docx