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moulton motors is advertising the following deal on a Honda accord: monthly payments of $292.56 for...

moulton motors is advertising the following deal on a Honda accord: monthly payments of $292.56 for the next 36 months and this beauty can be yours!" the sticker price of the car is 9,200. if you bought the car, what interest rate would you be paying in both APR and EAR terms? what is the amortization schedule of the of the first six payments?

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Answer #1

Interest rate per month is 0.75%

APR is 9.00% (0.75%*12)

EAR is 9.38% [(1+0.75%)^12-1]

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