Pete borrows 10000 to purchase a used car he must repay the, Ask an Expert

Economics

Pete borrows $10,000 to purchase a used 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:

The amount of the monthly payment

The nominal annual interest rate

The effective annual interest rate

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91275074

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