What is effective annual rate of interest

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Reference no: EM131954747

Hull wants to borrow a car. After making a cash payment for tax, title, and a down payment, he will finance $32, 445. The interest rate is ½% per month and payments will be required for 5 years. a) How much will Hull’s monthly payment be? b) What is the effective annual rate of interest?

Reference no: EM131954747

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