A local lending institution advertises the 51-50 Club. A person may borrow $2000 and repay $51 for
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A local lending institution advertises the "51-50 Club." A person may borrow $2000 and repay $51 for the next 50 months, beginning 30 days after receiving the money. Compute the nominal annual interest rate for this loan. What is the effective interest rate?
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P 2000 n 50 months i A 5100 A P AP i n 5100 2000 AP i 50 AP i 50 51...View the full answer
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