You want to buy a new sports coupe for $74,800, and the finance office at...
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| You want to buy a new sports coupe for $74,800, and the finance office at the dealership has quoted you a loan with an APR of 7.2 percent for 48 months to buy the car. |
| Requirement 1: |
| What will your monthly payments be? (Enter rounded answer as directed, but do not use 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? (Enter rounded answer as directed, but do not use rounded numbers in intermediate calculations. Enter your answer as a percent rounded to 2 decimal places (e.g., 32.16).) |
| Effective annual rate | % |
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