What is the effective annual rate on this loan

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Reference no: EM132020209

You want to buy a new sports coupe for $75,300, and the finance office at the dealership has quoted you a loan with an APR of 7.7 percent for 36 months to buy the car. What will your monthly payments be? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

Monthly payment $____________

What is the effective annual rate on this loan? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)

Effective annual rate ________ %

Reference no: EM132020209

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