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Car Loan: effective annual interest rate, monthly payment

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If you take out an $6,000 car loan that call for 50 monthly payments at an APR of 8 percent, what is your monthly payment? What is the effective annual interest rate on the loan?

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If you take out an $6,000 car loan that call for 50 monthly payments at an APR of 8 percent, what is your monthly payment? What is the effective annual ...

Solution Summary

The solution calculates the monthly payment and the effective annual interest rate on a car loan

$2.19