Find the effective annual rate on this loan

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Reference no: EM132052681

You want to buy a new sports coupe for $78,500, and the finance office at the dealership has quoted you an APR of 6 percent for a 60 month loan to buy the car.

What will your monthly payments be? (Do not round intermediate calculations and round your 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. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) Effective annual rate %

Reference no: EM132052681

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