You want to buy a new sports coupe for $79,500, and the finance office at the dealership has quoted you an APR of 5.8 percent for a 60-month loan to buy the car. What will your monthly payments be? What is the effective annual rate on this loan? Cost of Car $ 79,500
Discount rate 5.8%
#of years 5
#of times compounded per year 12
Complete the following analysis. Do not hard code values in your calculations. All answers should be positive. Payment ____
Effective interest rate _____