essay

Locate a newspaper advertisement or an internet advertisement for a new or used car.  Select one that indicates two of the three items: price of the car, monthly payments or annual interest rate.  Assume a new car requires 10% down (you pay 10% of the price immediatel) or a used car requires 20% down.  Assume taxes are 6.5% of the price, license and fees are 2.5% of the price.  Calculate the missing item, the nominal and effective annual interest rates and the interest rate per compounding period.
Submit a copy of the advertisement and your work, on Monday.

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