Radu was scheduled to repay a loan 70 days from now with a payment of $4.450.00,...
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Radu was scheduled to repay a loan 70 days from now with a payment of $4.450.00, but will get some extra money and be able to pay it off 20 days from now with an equivalent payment of $4,431.79. Assuming that interest rates do not change during the period of the loan, what was the interest rate of the loan? Note: Please make sure your final answer(s) are in percentage form and are accurate to 2 decimal places For example 34.56% Annual rate = 0.00 % Radu was scheduled to repay a loan 70 days from now with a payment of $4.450.00, but will get some extra money and be able to pay it off 20 days from now with an equivalent payment of $4,431.79. Assuming that interest rates do not change during the period of the loan, what was the interest rate of the loan? Note: Please make sure your final answer(s) are in percentage form and are accurate to 2 decimal places For example 34.56% Annual rate = 0.00 %
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Related Book For
Business Math
ISBN: 978-0133011203
10th edition
Authors: Cheryl Cleaves, Margie Hobbs, Jeffrey Noble
Posted Date:
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