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The dealer is offering you a loan with a monthly payment of

Question - You have saved $15,000 for down payment on a car costing $55,000, and plan to finance the rest with a 5-year loan. The dealer is offering you a loan with a monthly payment of $1,050. What effective annual rate of interest is the dealer charging on the loan?

A. 16.54%

B. 13.65%

C. 26.40%

D. 17.50%

E. 14.35%

F. 21.41%

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Accounting Basics: The dealer is offering you a loan with a monthly payment of

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