The cpp credit union advertises car loans with 7 nominal, Microeconomics

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The cpp credit union advertises car loans with 7 nominal

You want to estimate the payments on a car worth $25,000. The CPP Credit Union advertises car loans with 7% nominal interest rates compounded monthly for 3 years.

1. What would be the effective annual interest rate of the loan?

2. What would your monthly payment be?

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Microeconomics: The cpp credit union advertises car loans with 7 nominal

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Microeconomics: The cpp credit union advertises car loans with 7 nominal

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