Question: Todd is able to pay $360 a month for 6 years to finance a car purchase. a. If the interest rate is 6.7 percent compounded

Todd is able to pay $360 a month for 6 years to finance a car purchase.

a. If the interest rate is 6.7 percent compounded monthly, how much can Todd afford to borrow to buy a car?

b. What is the effective annual rate of Todd's loan?

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