Homework answers / question archive / (e) Raj Krishnan bought a Honda Accord for a price of $151,345

(e) Raj Krishnan bought a Honda Accord for a price of $151,345

Finance

Share With

(e) Raj Krishnan bought a Honda Accord for a price of $151,345. He deposited $15,000 and financed the rest through the dealer at an APR of 3.9% for 4 years. Calculate the effective annual rate (EAR) if payments made monthly.