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A car loan is taken for $13,000 to be paid back in 5 years, with monthly...

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Advance Math

A car loan is taken for $13,000 to be paid back in 5 years, withmonthly payments of $495. What nominal annual interest rate isbeing charged in this loan?

1) 27.42%

2) 42.26%

3) 39.00%

4) 2.29%

Answer & Explanation Solved by verified expert
3.9 Ratings (660 Votes)
here we have loan amount is 13000PV13000PMT495n12 for monthly compoundt5 years1as we can see here equation is complex    See Answer
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