Question: 23. What nominal rate, if compounded weekly, would you give an effective annual rate of 8.5%? a) 7.5817% b) 8.1644% c) 9.8763% d) 10.0032% 24.

23. What nominal rate, if compounded weekly, would you give an effective annual rate of 8.5%? a) 7.5817% b) 8.1644% c) 9.8763% d) 10.0032% 24. Jeff buys a used car by paying $1.500 down and $182.50 a month for 3 years. What was the cash price of the car, if the interest rate on the loan is 18%, compounded monthly Cruz = 18%).? a) $8,070.00 b) $6.570.00 c) $5,048.08 d) $6,548.08

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