In problem 5, if Joshua paid the $500 in 12 equal monthly payments, what is the APR?
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In problem 5, if Joshua paid the $500 in 12 equal monthly payments, what is the APR?
Data from problem 5
Joshua borrowed $500 for one year and paid $50 in interest. The bank charged him a $5 service charge. What is the finance charge on this loan?
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Related Book For
Focus On Personal Finance
ISBN: 9780077861742
5th Edition
Authors: Jack R. Kapoor, Les R. Dlabay Professor, Robert J. Hughes, Melissa Hart
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