You take out an $8,300 car loan that calls for 48 monthly payments starting after 1 month at an APR of 6% a. What is you

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You Take Out An 8 300 Car Loan That Calls For 48 Monthly Payments Starting After 1 Month At An Apr Of 6 A What Is You 1 (23.33 KiB) Viewed 48 times

You take out an $8,300 car loan that calls for 48 monthly payments starting after 1 month at an APR of 6% a. What is your monthly payment? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Monthly payment b. What is the effective annual interest rate on the loan? Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.) Effective annual interest rate % Check ra 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? (Do not round intermediate calculations. Round your answer to 2 decimal me places Windows < Proy