Explore BrainMass

Explore BrainMass

    Car Loan: effective annual interest rate, monthly payment

    Not what you're looking for? Search our solutions OR ask your own Custom question.

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    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 ad1c9bdddf
    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

    $2.49

    ADVERTISEMENT