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What will your monthly payment be for a car you purchase for $70,000 today where the bank will finance it for you for months at 2.99 % (APR)?

Answer: 1063.24

You invested $20,000 in two different banks. Bank 1 pays 5 percent simple interest whereas Bank 2 pays 5 percent compounded annually. If you plan to invest the money for 20 years which bank would you choose and how much more money would you earn? Bank 1; $33,065.95 Bank 1; $13,065.95 Bank 2: $13,065.95 Bank 2: $33,065.95 Bank 2: $14,965.95 What is your effective rate of interest (EAR) for the car loan of the previous question? 0.25% 3.03% O 1.50% 2.99% 3.50%