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Saturday, 17 November 2012

If you take out an $7,700 car loan that calls for 36 monthly payments starting after 1 month at an APR of 9%, what is your monthly payment?

a.
If you take out an $7,700 car loan that calls for 36 monthly payments starting after 1 month at an APR of 9%, what is your monthly payment? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

  Monthly payment $ 244.86 correct  

b.
What is the effective annual interest rate on the loan? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

  Effective annual interest rate 9.41 correct %  

    
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1 comment:

  1. Jeff C. McAbee20 February 2019 at 00:10

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