Assume that interest is the only finance charge use, Ask an Expert

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Assume that interest is the only finance charge. Use financial calculator to answer the questions.

a) How much interest would be paid on a $6,000 installment loan to be repaid in 60 monthly installments of $133.50? Round the answer to 4 decimal places. _____% per month

b) What is the APR on this loan? Round the answer to 2 decimal places. ____ %

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Category:- Financial Management
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