What is the effective annual interest rate of this car

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Reference no: EM131822531

To finance your car, you have decided to take a car loan in the amount of $15,000 from your credit union. You will pay off this loan over 60 months.

(a) If the required monthly payment is $322.41, what is the effective annual interest rate of this car?

(b) If you want to pay off the remaining load in a lump-sum after the 30th payment, what is the lump sum?

(d) How much of the 44th payment is the interest payment and how much is the principal?

Reference no: EM131822531

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