How find what is the effective rate on the loan

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Question 1: You went to Expo Center to attend an exhibition of several businesses. At one of the stalls there was a banner which says that we will give you $100 just for trying our product with an asterisk on $100. At the bottom of the banner you find out that you will receive a certificate that will pay you $ 100 in 30 years or so. If going interest rate is 11%, how much are you getting today? Analyze your findings.

Question 2: You have recently finished your BS from Hamdard University. You would like to buy a new vehicle immediately. The cost of vehicle is about $ 21,000. The bank quotes an interest rate of 15% APR for a 72-month loan with a 10% down payment. What is the effective rate on the loan? What will your monthly payment be?

Reference no: EM132595317

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