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What is effective annual rate if payments are made monthly

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Reference no: EM132657040

Problem 1: Raj Krishnan bought a Honda Accord for a price of $17,345. He deposited $6000 and financed the rest through the dealer at an APR of 4.9 per cent for 4 years. What is the effective annual rate (EAR) if payments are made monthly?

Reference no: EM132657040

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