What is the effective annual interest on this loan

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You are considering financing the purchase of a new car. The negotiated price of the car is $38,000 including taxes and licenses. The dealer will allow you $8,000 in trade for you current car. You will finance the balance of the purchase for 6 years. The quoted interest rate is 9% APR.

What will your monthly payment on this loan be, assuming that your first payment is due one month after the delivery of the car?

What is the Effective Annual Interest on this loan?

Reference no: EM131447465

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What is the effective annual interest on this loan : You are considering financing the purchase of a new car. The negotiated price of the car is $38,000 including taxes and licenses. The dealer will allow you $8,000 in trade for you current car. You will finance the balance of the purchase for 6 years...

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