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mike patrik, a recent ME graduate from MIT, expects to take out a loan to purchase an SUV for $30,000 with a down payment of $10,000. The loan she takes out requires her to pay monthly installments of $400 for 4 years. In addition to the monthly installments, she is also required to pay $8,000 (balloon payment) on the last payment in addition to the final $400 monthly payment.

What is the effective annual interest rate?

Macroeconomics, Economics

  • Category:- Macroeconomics
  • Reference No.:- M9476550

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