Question Danny put a $5.500 down payment on a car. He financed the remairing balance with a 70 month loan at a 7.5% annual interest rate compounded manthly on the unpaid balance. if the monthly car payments are $350, what is the cash price of thve cart $23558.78 $19,794.42 O $29058.75 $25,294.42

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Effective Interest Rate

The term interest rate can be defined as the amount that is charged by the lender as a percentage on the principal amount. Interest rate which is charged annually is known as annual percentage rate.