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A used car dealer offers the following automobile finance

Question - A used car dealer offers the following automobile finance opportunity. Monthly payments on the loan are 3% of the loan amount for 36 months. The loan amount is after any down payment. In addition the loan will require a $1,500 up front loan processing fee that is not included in the loan.

Part A - For a loan of $20,000, what is the APR with monthly compounding without the up front fee?

Part B - For a loan of $20,000, what is the APR with monthly compounding with the inclusion of the up front fee?

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Accounting Basics: A used car dealer offers the following automobile finance

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