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What is the effective annual interest rate on the loan

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Problem 1: You want to purchase a new car from BD Motors for $50,000. The contract is in the form of a 60-month annuity-due at 6% interest APR. If you put $20,000 down today, what will your monthly payment be and what is the Effective Annual Interest Rate (EAR) on this loan?

Group of answer choices

Option 1: $593.4910 / 6.1805%

Option 2: $579.9840 / 6.1678%

Option 3: $577.0986 /6.1678%

Option 4: $559.8972 / 6.1805%

Reference no: EM132809104

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