Question: Chapter 7 Financial Planning Exercise 9 Calculating interest and APR of installment loan Assume that interest is the only finance charge. Use financial calculator to

Chapter 7 Financial Planning Exercise 9 Calculating interest and APR of installment loan

Assume that interest is the only finance charge. Use financial calculator to answer the questions. How much interest would be paid on a $7,000 installment loan to be repaid in 48 monthly installments of $184.71? Round the answer to 4 decimal places. % per month What is the APR on this loan? Round the answer to 2 decimal places. %

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