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LO 4 45. Calculating Annuities Due Interest Rates. You have arranged for a loan on your new car that will require the first payment today. The loan is for $24,500, and the monthly payments are $465. If the loan will be paid off over the next 60 months, what is the APR of the loan? $13.500 m

LO 4 45. Calculating Annuities Due Interest Rates. You have arranged for a loan on your new car that will require the first payment today. The loan is for $24,500, and the monthly payments are $465. If the loan will be paid off over the next 60 months, what is the APR of the loan? $13.500 m

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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▾ A X ✓ fx B =RATE(D183,D181,-D182) C с 45.00 R PMT PV N LO 4 APR EAR withdraw each year. 45. Calculating Annuities Due Interest Rates. You have arranged for a loan on your new car that will require the first payment today. The loan is for $24,500, and the monthly payments are $465. If the loan will be paid off over the next 60 months, what is the APR of the loan? aina to receive $13.500 per 1 D 0.0044 465.00 24,500.00 60.00 0.0524 0.0536 E 5.24% 5.36% F G H (45) CPT Annuity Due PV = 24,500 PMT = 465 t = 60 = r 0.005401 per period X 12 periods per year 1.0648 x 100 = ७.48 = APR 5.42 Book ANSWER X =
Transcribed Image Text:▾ A X ✓ fx B =RATE(D183,D181,-D182) C с 45.00 R PMT PV N LO 4 APR EAR withdraw each year. 45. Calculating Annuities Due Interest Rates. You have arranged for a loan on your new car that will require the first payment today. The loan is for $24,500, and the monthly payments are $465. If the loan will be paid off over the next 60 months, what is the APR of the loan? aina to receive $13.500 per 1 D 0.0044 465.00 24,500.00 60.00 0.0524 0.0536 E 5.24% 5.36% F G H (45) CPT Annuity Due PV = 24,500 PMT = 465 t = 60 = r 0.005401 per period X 12 periods per year 1.0648 x 100 = ७.48 = APR 5.42 Book ANSWER X =
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