Moulton Motors is advertising the following deal on a new Honda Civic: Monthly Payments of $400.40 for
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Moulton Motors is advertising the following deal on a new Honda Civic: “Monthly Payments of $400.40 for the next 60 months and this beauty can be yours!” The sticker price of the car is $18,000. If you bought the car, what interest rate would you be paying in both APR and EAR terms? What is the amortization schedule of these sixty payments?
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The periodic or monthly interest rate r is the solution to the equation PV Payment x 1 11r n r 18000 ...View the full answer
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