Instead of saving for your retirement

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Reference no: EM131323022

You just graduated from college. Instead of saving for your retirement, you decide to purchase a new sports car for $30,000. Assume you first payment is one month from now and the loan is for 5 years.

a) If the APR is 4.0%, what are your monthly payments? What is the EAR?

b) If the APR is 10.0%, whatr are your monthly payments? What is the EAR?

Reference no: EM131323022

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