You want to buy a new sports coupe for $41,750,and the finance office at the dealership has quoted you an 8.6 percent APR loan compounded monthly for 48 months to buy the car.What is the effective interest rate on this loan?
A) 8.28 percent
B) 8.41 percent
C) 8.72 percent
D) 8.87 percent
E) 8.95 percent
Correct Answer:
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