You want to buy a new sports coupe for $74,500, and the finance office at the de

Question

You want to buy a new sports coupe for $74,500, and the finance office at the dealership has quoted you a 6.9 percent APR loan for 36 months to buy the car. Requirement 1: What will your monthly payments be? (Do not include the dollar sign ($). Enter rounded answer as directed, but do not use the rounded numbers in intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).) Monthly payment $ Requirement 2: What is the effective annual rate on this loan? (Do not include the percent sign (%). Enter rounded answer as directed, but do not use the rounded numbers in intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).) Effective annual rate %

Explanation / Answer

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