Problem

First America Bank's monthly payment charge on a 48-month $20,000 loan is $488.26. The...

First America Bank's monthly payment charge on a 48-month $20,000 loan is $488.26. The U.S. Bank's monthly payment fee is $497.70 for the same loan amount. What would be the APR for an auto loan for each of these banks? (Use the Business Math Handbook.)

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Solutions For Problems in Chapter 14