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What is the effective annual rate on this loan

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Reference no: EM133154879

Question - You want to buy a new sports coupe for $75,700, and the finance office at the dealership has quoted you a loan with an APR of 8.1 percent for 36 months to buy the car.

a. What will your monthly payments be?

b. What is the effective annual rate on this loan?

Reference no: EM133154879

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