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Question: You want to estimate the payments on a car worth $25,000. The CPP Credit Union advertises car loa...

Show transcribed image text You want to estimate the payments on a car worth $25,000. The CPP Credit Union advertises car loans with 7% nominal interest rates compounded monthly for 3 years. 1. What would be the effective annual interest rate of the loan? 2. What would your monthly payment be?

You want to estimate the payments on a car worth $25,000. The CPP Credit Union advertises car loans with 7% nominal interest rates compounded monthly for 3 years. 1. What would be the effective annual interest rate of the loan? 2. What would your monthly payment be?