You are considering a car loan with a stated APR of 6.3% based on monthly compounding....
You are considering a car loan with a stated APR of 6.69% based on monthly compounding. What is the effective annual rate of this loan? The effective annual rate is %. (Round to two decimal places.) Enter your answer in the answer box acBook Air * + 1L oC dele
Your best friend consults you for investment advice. You learn that his tax rate is 38%, and he has the following current investments and debts:• A car loan with an outstanding balance of $5,000 and a 4.79 APR (monthly compounding)• Credit cards with an outstanding balance of $10,000 and a 14.94%APR (monthly compounding)• A regular savings account with a $30,000 balance, paying a 5.44% effective annual rate (EAR)• A money market savings account with a $100,000 balance, paying a 5.25% APR (daily compounding)• A tax-deductible home...
If the APR for a car loan is 14%, what is the effective annual interest rate (in %) if interest on the loan is compounded monthly and you have biweekly payments?
You make monthly payments on your car loan. It has a quoted APR of 7.7 %(monthly compounding). What percentage of the outstanding principal do you pay in interest each month? (Note: Be careful not to round any intermediate steps less than six decimal places.)
If the APR for a car loan is 5%, what is the effective annual interest rate (in %) if interest on the loan is compounded monthly and you have biweekly payments? Is the answer 0.20812%?
Calculate the EAR given the following: Stated Rate (APR, pct) Compounding Period EAR 6.3 daily ? a) 6.50% b) 6.11% c) 6.00% I need the answer ASAP!
Assume you take out a car loan of $7,900 that calls for 60 monthly payments of $230 each. a. What is the APR of the loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. Use a financial calculator or Excel.) *what is Effective interest rate?? 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.)...
Calculate the EAR given the stated APR and compounding period: Stated Rate (APR, pct) Compounding Period EAR 6 quarterly ? A. 6.136 % B. 6.090 % C. 5.870 %
You take out an $8,600 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.) 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.) c. Now assume the payments are made in four annual year-end installments. What...
You are considering buying a car with an amortized loan. The car loan will be $40,000 and have an annual interest rate of 2.8%, compounded monthly. You have two options for financing the car, the first is a fully amortized loan for 72 months while the second is a partially amortized loan for 36 months with a balloon payment of $18,000 (i.e. you will still owe $18,000 on the loan at month 36). What are the payments for each option?