Assume the car can be purchased for 0% down for 60 months (in lieu of rebate).

Sep 11th, 2014
Price: $5 USD

Question description

(a) Find the monthly payment if financed for 60 months at 0% APR. (Round your answer to the nearest cent.)
$ 1

(b) Find the monthly payment if financed at 2.5% add-on interest for 60 months. (Round your answer to the nearest cent.)
$ 2

(c) Use the APR approximation formula to find the APR for part (b).

Tutor Answer

(Top Tutor) Fras W
School: Purdue University

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