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?
© BrainMass Inc. brainmass.com March 4, 2021, 7:37 pm ad1c9bdddfhttps://brainmass.com/business/interest-rates/car-loan-effective-annual-interest-rate-monthly-payment-112642
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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
$2.49