Assume that a banks advertisement offers a loan at 12% APR. Suppose that to buy the car
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Question:
Assume that a banks advertisement offers a loan at 12% APR. Suppose that to buy the car you want with the above loan, you will have to make payments of $250 per month for 4 years with the first payment made in 7 months. What is the effective cost of this car if you buy it using the loan?
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