What is the APR of the loan

Assignment Help Financial Management

Reference no: EM131021700

You have arranged for a loan on your new car that will require the first payment today. The loan is for $41,500, and the monthly payments are $720. Required: If the loan will be paid off over the next 75 months, what is the APR of the loan? (Round your 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).)

Reference no: EM131021700

Questions Cloud

Develop a description of the leadership strategies : Identify and research two leadership strategies. Develop a description of the leadership strategies. Formulate an overview of how the strategy is used and rate its effectiveness

Any amounts left over will be saved for purchase of boat : Jim and Alice Lange employess at Walmart have put themselves on a strict budget. There goal at the years end is to buy a boat for $20,000 in cash. Their budget includes the following 41% food and lodging 14% entertainment 10% educational Jim earns $2..

What will the conductor ampacity be : A 3-phase, 480 V motor with a starting current of 235 A is located 1800 ft (550 m) from the electrical power source. What size copper conductors should be used to ensure that the voltage drop will not exceed6% during starting.

Due to increased mailing cost : Due to increased mailing cost, the new rate will cost publishers $78 million, this is 13.4% more than they paid the previous year. How much did it cost the publishers last year?

What is the APR of the loan : You have arranged for a loan on your new car that will require the first payment today. The loan is for $41,500, and the monthly payments are $720. Required: If the loan will be paid off over the next 75 months, what is the APR of the loan?

Considering investing in a new product : SI Inc. is considering investing in a new product named Z90. There is a 50% chance that the product will be a success, which then generates $110,000 cash inflow each year for the next 5 years. There is a 50% chance that the product will fail, which t..

What is the estimated net present value of the project : Garner-Wagner is considering investing in a project that requires an investment of $3,000,000. The project will generate a cash inflow of 500,000 per year for the next 5 years. The cost of capital is 10%. What is the project's net present value? What..

Estimate the effect of waiting on the projects risk : NPC is considering either to invest in a project for a new product immediately or 1 year later. If NPC invests in the project today, there will be 75% chance of good market acceptance of the product and 25% chance of bad market acceptance of the prod..

Provide common religious accommodations sought in workplace : Part A: go to http://www.eeoc.gov/eeoc/newsroom/wysk/workplace_religious_accommodation.cfm and provide five common religious accommodations sought in the workplace.

User Account

All Pages