You have arranged for a loan on your new car that will require the first payment today.

Question:

You have arranged for a loan on your new car that will require the first payment today. The loan is for $34,000, and the monthly payments are $645. If the loan will be paid off over the next 60 months, what is the APR of the loan? Year Cash Flow $1,900 2,300 4,500 5,100 1 3 4