(Solution) - Pete Sampras borrows 10 000 to purchase a car He must -(2025 Original AI-Free Solution)

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Academic Level: Undergrad. (yrs 3-4)

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Pete Sampras borrows $10,000 to purchase a car. He must repay the loan in 48 equal end-of-period monthly payments. Interest is calculated at 1.25% per month. Determine the following:
(a) The nominal annual interest rate
(b) The effective annual interest rate
(c) The amount of the monthly payment