Assume that interest is the only finance charge. Use financial calculator to answer the questions. How...

Assume that interest is the only finance charge. Use financial calculator to answer the questions. How much interest would be paid on a $6,000 installment loan to be repaid in 48 monthly installments of $158.11? Round the answer to 4 decimal places.

_____% per month

What is the APR on this loan? Round the answer to 2 decimal places.

_____%

Expert Solution

Using financial calculator
N=48
PV=6000
PMT=-158.11
FV=0
CPT I/Y=1.0030%

Hence, APR=1.0030%*12=12.0363%

jeff jeffy answered 2 years ago

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