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Problem:

You've borrowed $2,067.65 and agreed to pay back the loan with monthly payments of $130. If the interest rate is 9% stated as an APR.

Required:

Question 1: How long will it take you to pay back the loan?

Question 2: What is the effective annual rate on the loan?

Note: Please show how to work it out.

Basic Finance, Finance

  • Category:- Basic Finance
  • Reference No.:- M91148130

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