What is the effective annual rate on this loan

Reference no: EM13260574

You want to buy a new sports coupe for $75,400, and the finance office at the dealership has quoted you a loan with an APR of 7.8 percent for 60 months to buy the car.

What will your monthly payments be?
What is the effective annual rate on this loan?
explain it in detalis please

Reference no: EM13260574

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What is the effective annual rate on this loan : You want to buy a new sports coupe for $75,400, and the finance office at the dealership has quoted you a loan with an APR of 7.8 percent for 60 months to buy the car.

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