United Sales Association (USA) recently borrowed $25,000 from its bank at a simple interest rate of 11
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United Sales Association (USA) recently borrowed $25,000 from its bank at a simple interest rate of 11 percent. The loan is for one year, and the loan agreement calls for the interest to be added to the amount borrowed and the total amount to be repaid in monthly installments.
(a) What are the loan’s monthly payments?
(b) Compute the loan’s APR and rEAR.
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a Interest 25000011 2750 Total amount to be repaid 25000 2750 27750 Monthly payments 2775012 23...View the full answer
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