What is the effective annual interest rate on a 9 apr, Financial Management

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What is the effective annual interest rate on a 9 apr

1. What is the effective annual interest rate on a 9% APR automobile loan that has monthly payments?

a. 9.00%

b. 9.38%

c. 9.81%

d. 10.94%

2. A perpetuity of $5,000 per year is said to offer a 15% interest rate. What is its present value?

a. $33,333.33

b. $37,681.16

c. $38,333.33

d. $65,217.39

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