You've borrowed $4,248.68 and agreed to pay back the loan with monthly payments of $200. If the
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You've borrowed $4,248.68 and agreed to pay back the loan with monthly payments of $200. If the interest rate is 12% stated as an APR, how long will it take you to pay back the loan? What is the effective annual rate on the loan?
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The loan repayment is an annuity with present value equal to 424868 Payments are made ...View the full answer
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Related Book For
Fundamentals of Corporate Finance
ISBN: 978-0077861629
8th edition
Authors: Richard Brealey, Stewart Myers, Alan Marcus
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