The ez credit company offers to loan a college student 6100, Ask an Expert

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The EZ cREDIT COMPANY OFFERS TO LOAN A COLlege student $6100 for school expenses. Repayment of the loan will be in monthly installments of ?$313.45313.45 for 2424 months.The total repayment of money is ?$7 comma 522.807,522.80?, which includes the original ?$6 comma 1006,100?, ?$1 comma 212.331,212.33 in interest? charges, and ?$210.47210.47 for a required life insurance policy covering the amount of the loan. Assume monthly compounding of interest. What nominal interest rate is being charged on this? loan?

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Financial Management, Finance

Category:- Financial Management
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