You buy a used car and take out a loan for $6,600 with an APR of 13.7%z what is your monthly rate

To find your monthly interest rate, you'll need to convert the annual percentage rate (APR) to a monthly rate. Here's how you do it:

1. **APR**: 13.7% (given)
2. **Monthly Rate** = $\frac{13.7\%}{12}$

### Calculation:
\[
\text{Monthly Rate} = \frac{13.7\%}{12} = \frac{13.7}{12} \approx 1.1417\%
\]

So, the monthly interest rate is approximately **1.1417%**.

Would you like more details on how this affects your monthly payment, or have any other questions?

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Here are five related questions you might be curious about:
1. How do you calculate the total interest paid over the loan term?
2. How can you compute your monthly payment for the car loan?
3. What would happen to your payments if the loan term changed?
4. How does making extra payments impact the total cost of the loan?
5. What are the pros and cons of refinancing your car loan?

**Tip**: It's important to understand the difference between APR and the actual interest rate used to calculate your monthly payments (often called the nominal rate).

You buy a used car and take out a loan for $6,600 with an APR of 13.7%, what is your monthly rate?

Learn how to calculate the monthly interest rate for a loan of $6,600 with an APR of 13.7%. This problem explains the steps to convert an annual percentage rate (APR) into a monthly rate using the formula 'Monthly Rate = APR / 12.' Suitable for students in Grades 9-12 and those learning about basic financial mathematics.

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