On January 1, Laura Brown borrowed $1000 from the Friendly Finance Company. The loan is to be
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On January 1, Laura Brown borrowed $1000 from the Friendly Finance Company. The loan is to be repaid by four equal payments, which are due at the end of March, June, September, and December. If the finance company charges 18% interest, compounded quarterly what is the amount of each payment? What is the effective annual interest rate?
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Amount of each payment 1000 AP 45 ...View the full answer
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