You are applying for a loan to borrow $(average new car price/4). The bank loan is for 50 months and you will be paying 7% of the borrowed amount in each payment. What is the rate per month that you will be paying?© BrainMass Inc. brainmass.com October 9, 2019, 9:18 pm ad1c9bdddf
The solution contains step-by-step instructions on how to compute effective monthly interest rate, given the loan period and monthly payment. The rate per month that you will be paying is determined.