What is the effective annual interest rate on the loan

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Reference no: EM13879617

If you take out a $9,000 car loan that calls for 48 monthly payments at an APR of 10%.

What is your monthly payment?

What is the effective annual interest rate on the loan?

If you deposit the same monthly payment at an APR of 10% for 4 years, how much will your money grow?

Assume that you have to make a monthly payment as calculated from (1) for your car loan at the beginning of period, what is the price you are paying for the car?

Reference no: EM13879617

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