dit View Tools Help 1000 points at the dealership has quoted

dit View Tools Help 10.00 points at the dealership has quoted you a loan with an APR of 8 percent for 48 months to buy the car

Monthly payment i.e. EMI is given by

Principal amount(1+Number of years×Flat rate of interest)

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Number of installments

EMI=[75600(1+4×0.08)]/48

=(75600×1.32)/48

=2079

Effective Annual Rate=(2×flat rate×Number of installments)

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(1+Number of installments)

=(2×8×48)/(1+48)

=15.67%