Question: please give a simple step by step for answer!! 63. Effective Interest Rate. If you take out an ( $ 8,000 mathrm{car} ) loan that

please give a simple step by step for answer!! 63. Effective Interest Rate. If you take out an $ \$ 8,000 \mathrm{car} $ loan that calls for 48 monthly payments of $ \$ 240 $ each, what is the APR of the loan? What is the effective annual inte 2 answers

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