Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. you want to buy a new sports coupe for $84,500, an

You want to buy a new sports coupe for $84,500, and the finance office at...

90.2K

Verified Solution

Question

Finance

You want to buy a new sports coupe for $84,500, and the finance office at the dealership has quoted you an APR of 4.7 percent for a 60-month loan to buy the car.

a. What will your monthly payments be? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
b. What is the effective annual rate on this loan? (Do not round intermediate calculations and enter your answer as a percent round

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

Chemistry
1.2K views

Assume you dissolve 0.235 g of the weak acid benzoic acid, C6H5CO2H, in enough water to...

Psychology
1.2K views

how is rising tuition a current social issue and what would need to happen to address...

General Management
1.2K views

Industrial organization theorists argue that external factors are more important than internal factors to a firm`s...

Physics
1.2K views

5 If magnetic flux is varying through a conducting loop as o 2t weber then...

Physics
1.2K views

A wave is propagating in a medium of dielectric constant 2 and relative m permeability...

Accounting
1.2K views

Citywide Company issues bonds with a par value of $68,000 on their stated issue date....

Accounting
1.2K views

With the growing popularity of casual surf print clothing, two recent MBA graduates decided to...

Accounting
1.2K views

Enter the missing dollar amounts for the Income statement for each of the following independent...

Accounting
1.2K views

List three major ways that corporations can acquire cash (i.e. finance its assets). (Exclude donations...

Accounting
1.2K views

Adams, Peters, and Blake share profits and losses for thelr APB Partnership in a ratio...

Finance
1.2K views

Southern Corporation has a capital structure of 40% debt and 60% common equity. This capital...

Accounting
1.2K views

prepare a statement of cash flows for 2025 using the indirect method. ...