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What is the effective annual rate of interest for financing

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Reference no: EM132652218

You are considering buying an Audi for ?$60,000?, and your financing is quoted at 8?% APR with monthly compounding.

a. What rate do you need in order to use one of the following annuity formulas to find the monthly? payments?

PV(annuity of C for n periods with interest rate r)=C×1r1-1(1+r)n  or  PV(growing perpetuity)=Cr-g

b. What is the effective annual rate of interest for this? financing?

The rate that should be used for the formulas is r=

Reference no: EM132652218

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