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Future value and interest based problem

Problem: Bill needs $8000 to buy a new car in five years. How much should be deposited at the end of every quarter into an account that earns 8% interest compounded quarterly?

a. $329.25

b. $345.97

c. $666.33

d. $ 489.25

e. None of the above

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## Q : What is the effective annual interest rate on car loan

If each of the monthly installments is $150, what is the effective annual interest rate on this car loan?