What is the effective annual rate on loan

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Reference no: EM131563059

You want to buy a new sports coupe for $75,500, and the finance office at the dealership has quoted you a loan with an APR of 7.9 percent for 72 months to buy the car.

Requirement 1:

What will your monthly payments be? (Enter rounded answer as directed, but do not use rounded numbers in intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).)

Monthly payment $

Requirement 2:

What is the effective annual rate on this loan?

Reference no: EM131563059

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