What is the effective annual rate on this loan

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Reference no: EM13980756

1. You want to buy a new sports coupe for $74,300, and the finance office at the dealership has quoted you a loan with an APR of 6.7 percent for 72 months to buy the car. 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 $ ______________.

2: What is the effective annual rate on this loan? (Enter rounded answer as directed, but do not use rounded numbers in intermediate calculations. Enter your answer as a percent rounded to 2 decimal places (e.g., 32.16).) Effective annual rate ____________%

Reference no: EM13980756

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