Assume you take out a car loan of 9000 that calls for 36, Financial Management

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Assume you take out a car loan of 9000 that calls for 36

Assume you take out a car loan of $9,000 that calls for 36 monthly payments of $340 each. a. What is the APR of the loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. Use a financial calculator or Excel.) b. What is the effective annual interest rate on the loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)

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Financial Management: Assume you take out a car loan of 9000 that calls for 36

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