You want to buy a car and can pay $ 4 0 0 per month for the car You negotiate with a bank for a fully amortized loan over 6 years ( 7 2 months ) at 1 2 rate of interest What is the amount that you will borrow ( 2 5 points ) What is the effective interest rate of this loan ...

Heres how to calculate the loan amount and effective interest rate for your car purchase 1 Loan Amou ...

You want to buy a car and can pay $ 4 0 0 per month for the

Fantastic news! We've Found the answer you've been seeking!

Question:

You want to buy a car and can pay $

400

per month for the car. You negotiate with a bank for a fully

amortized loan over

6

years

(72

months

)

12 %

rate of interest. What is the amount that you will borrow?

(2.5

points

)

What is the effective interest rate of this loan?

Posted Date: May 10, 2024 02:03 AM

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You want to buy a car and can pay $ 4 0 0 per month for the

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