You want to buy a new sports coupe for $75,100, and the finance office at the dealership has quoted you a loan with an A

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You Want To Buy A New Sports Coupe For 75 100 And The Finance Office At The Dealership Has Quoted You A Loan With An A 1 (29.06 KiB) Viewed 8 times

You want to buy a new sports coupe for $75,100, and the finance office at the dealership has quoted you a loan with an APR of 7.5 percent for 72 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 7.78