Question: please help me to solve a, b, c. You take out an $8,100 car loan that calls for 36 monthly payments starting after 1 month
please help me to solve a, b, c.
You take out an $8,100 car loan that calls for 36 monthly payments starting after 1 month at an APR of 9%. a. What is your monthly payment? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Monthly payment b. What is the effective annual interest rate on the loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.) Effective annual interest rate c. Now assume the payments are made in four annual year-end installments. What annual payment would have the same present value as the monthly payment you calculated? (Do not round intermediate calculations. Round your answer to 2 decimal places.)
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