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Calculating Loan Payments
You want to buy a new sports coupe for $75,700, and the finance office at the dealership has quoted you a loan with an APR of 8.1 percent for 36 months to buy the car.
Requirement 1:
What will your monthly payments be? (Enter rounded answer as directed, but do not use rounded numbers in intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).)
Monthly payment $
Requirement 2:
What is the effective annual rate on this loan? (Enter rounded answer as directed, but do not use rounded numbers in intermediate calculations. Enter your answer as a percent rounded to 2 decimal places (e.g., 32.16).)
Effective annual rate %
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