You want to buy a new sports coupe for 75400 and the, Financial Management

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You want to buy a new sports coupe for 75400 and the

You want to buy a new sports coupe for $75,400, and the finance office at the dealership has quoted you a loan with an APR of 7.8 percent for 60 months to buy the car.

Requirement 1:

What will your monthly payments be?

Requirement 2:

What is the effective annual rate on this loan?

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