What is the real annual interest joe is charging

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Reference no: EM13208590

You bought a car for $16,000 including sales tax and cost of the title. You agreed to pay 60 equal monthly payments to pay for the car at 6% annual interest compounded monthly. The dealer charged you $350/month. You thought that this is a bit more than you ought to pay.

A. What is the real annual interest Joe is charging?

B. If Friendly Joe explains to you that he has to add "preparation" and destination costs. Exactly how much did he add?

Reference no: EM13208590

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