You have arranged for a loan on your new car that will require the first payment today.

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You have arranged for a loan on your new car that will require the first payment today. The loan is for $32,000, and the monthly payments are $620. If the loan will be paid off over the next 60 months, what is the APR of the loan?

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Essentials of Corporate Finance

ISBN: 978-0078034756

8th edition

Authors: Stephen Ross, Randolph Westerfield, Bradford Jordan

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