Question: Problem 38.8 A 60-month loan is to be repaid with level payments of 1000 at the end of each month. The principal in the first

Problem 38.8 A 60-month loan is to be repaid with level

Problem 38.8 A 60-month loan is to be repaid with level payments of 1000 at the end of each month. The principal in the first payment is 671.21. Calculate the effective annual interest rate

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A 60-month loan is to be repaid with level payments of 1000 at the end of each month. The principal in the first payment is 671.21. Calculate the effective annual interest rate.

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