What was the apy and apr on the loan

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Reference no: EM131819126

Sal took out a loan for $100,000 to buy a Tesla Model S. The interest on this loan is compounded monthly, and Sal got a special deal so that the first payment wasn't due for a year. A year passes and he now owes $105,240.

a) What was the APR on the loan?

b) What was the APY on the loan?

Reference no: EM131819126

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