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Moulton Motors is advertising the following deal on a used Honda Accord: "Monthly payments...

50.1K

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Question

Finance

Moulton Motors is advertising the following deal on a used Honda Accord: "Monthly payments of

$196.12

for the next

54

months and this beauty can be yours!" The sticker price of the car is

$8,500.

If you bought the car, what interest rate would you be paying in both APR and EAR terms?

What is the amortization schedule of the first six payments?

Answer & Explanation Solved by verified expert
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