Top Posters
Since Sunday
5
a
5
k
5
c
5
B
5
l
5
C
4
s
4
a
4
t
4
i
4
r
4
Home Q & A Board Other Fields Homework Help Business
New Topic  
bigexternal bigexternal
wrote...
Go to Answer
Posts: 1279
Rep: 2 0
7 years ago
You have just borrowed $20,000 to buy a new car. The loan agreement calls for 60 monthly payments of $444.89 each to begin one month from today. If the interest is compounded monthly, then what is the effective annual rate on this loan?
A) 12.68%   
B) 14.12%   
C) 12.00%   
D) 13.25%   
E) 15.08%
Textbook 
Corporate Finance Online

Corporate Finance Online


Edition: 1st
Authors:
Read 219 times
2 Replies
We're using: Corporate Finance Online (Eakins, McNally)
Replies
Answer verified by a subject expert
BlimpBlimp
wrote...
#1
Posts: 499
Rep: 25 0
7 years ago
Sign in or Sign up in seconds to unlock everything for free
More solutions for this book are available here
1
Pol. Sci. Major
Minoring in Business
Columbia University Sophomore

Related Topics

bigexternal Author
wrote...
#2
7 years ago
Really appreciate the effort, thank you for responding
We're using: Corporate Finance Online (Eakins, McNally)
New Topic      
Quick Reply
Explore
Post your homework questions and get free online help from our incredible volunteers
  1358 People Browsing
Start New Topic Take the Tour CoursesNew Study Tools Topics Trending Browse by Textbook
Related Images
  
 203
  
 264
  
 316