Question: I need the formulas to get the payment & the effective interest rate, not just answers. You want to buy a new sports coupe for

I need the formulas to get the payment & the effective interest rate, not just answers.

You want to buy a new sports coupe for $84,500, and the finance office at the dealership has quoted you an APR of 4.7 percent for a 60 -month loan to buy the car. What will your monthly payments be? What is the effective annual rate on this loan

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