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What is the effective interest rate on the loan

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Question - You decide to treat yourself with a set of new wheels. The car you want costs about $56,000, and you can afford a $10,000 down payment. The bank quotes an interest rate of 15 percent APR for a 6-year loan for the amount outstanding. What will your monthly payment be? What is the effective interest rate on the loan?

Reference no: EM132786031

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