What is the monthly rate of interest

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Reference no: EM13192163

You have your eyes on a new automobile costing $25,000. You finance $20,000 at 15%/yr/monthover a 5 year period.The loaner then proceeds to add on a 1.25% loan initiation fee of 250$. There is a prepaid loan closeout fee of 250$, another fee of $100, and one more fee of $480. The monthly payment for the loan is $21,080(A/P 1.25%, 60)= $501.49.

What is the monthly rate of interest you are really paying for the loan?

Reference no: EM13192163

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