Essentials Of Investments
11th Edition
ISBN: 9781260013924
Author: Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher: Mcgraw-hill Education,
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Transcribed Image Text:For the car loan described, give the following information.
A car dealer will sell you the $30,750 car of your dreams for $6,000 down and payments of $665.06 per month for 60 months.
(a) amount to be paid
$ 39903.60
(b) amount of interest
$ 9153.60
(c) interest rate (Round your answer to two decimal places.)
20.67
%
(d) APR (rounded to the nearest tenth of a percent)
%
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