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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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    https://brainmass.com/business/interest-rates/car-loan-effective-annual-interest-rate-monthly-payment-112642

    Solution Preview

    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