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A new sports coupe costs $41,750 and the finance office has quoted you an apr of 6. 1 compounded monthly, for 36 months. what is the ear?

Sagot :

The Effective Annual Return 6.27%

Effective Annual Return = (1+APR/m)^m-1

APR = Annual Percentage Rate

m = No.of Compoundings Per Year

Monthly Effective Annual Return = (1+0.061/12)^12-1

= 0.06273469

= 6.27%

An effective annual interest rate is the real return on a savings account or any interest-paying investment when the effects of compounding over time are taken into account. It also reflects the real percentage rate owed in interest on a loan, a credit card, or any other debt.

Learn more about interest here: https://brainly.com/question/24924853

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