You have just purchased a car and, to fund the purchase, you borrowed $27,500. If your monthly payments are $515.27 for the next 5 years, what is the APR of the loan? Multiple Choice 5.38% 4.71% 4.03% 4.34% 4.85%
Answer |
The Correct option is B : 4.71% |
Explanation |
APR is calculated using the RATE function as follows:- |
RATE(nper,pmt,pv) |
RATE(5*12,-515.27,27500)*12 |
4.71% |
Option B is Correct . |
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