I need this question answer general accounting Wesley Mouch's auto loan requiresmonthly payments and has an effectiveannual rate of 6.43%. The APR on thisauto loan is closest to:a. 6.50%b. 6.00%c. 6.25%d. 6.62%

APR = No. of periods*((1+EAR)^(1/No. of periods)-1) APR = 12*((1+6.43%)^(1/12)-1) APR = 6.25%

Answered: Wesley Mouch's auto loan requires…

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter7: Using Consumer Loans

Section: Chapter Questions

Problem 5FPE

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