If you take out an $7,700 car loan that calls for 36 monthly payments starting after 1 month at an APR of 9%, what is your monthly payment? (Do not round intermediate calculations. Round your answer to 2 decimal places.) |
Monthly payment | $ |
b. |
What is the effective annual interest rate on the loan? (Do not round intermediate calculations. Round your answer to 2 decimal places.) |
Effective annual interest rate | % |
The answer has been presented in the supporting sheet. All the parts has been solved with detailed explanation and format. For detailed answer refer to the supporting sheet.
Get Answers For Free
Most questions answered within 1 hours.