Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. need help with a,b,c you take out an $8,900 car

Need help with a,b,c You take out an $8,900 car loan that calls...

50.1K

Verified Solution

Question

Finance

image

Need help with a,b,c

You take out an $8,900 car loan that calls for 48 monthly payments starting after 1 month at an APR of 6\%. a. What is your monthly payment? Note: Do not round intermediate calculations. Round your answer to 2 decimal places. b. What is the effective annual interest rate on the loan? Note: Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. c. Now assume the payments are made in four annual year-end installments. What annual payment would have the same present value as the monthly payment you calculated? Note: Do not round intermediate calculations. Round your answer to 2 decimal places

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students