Question: TBB - THE BI Assignment 2 Summer 2020 Saved PERKS OF BE 16 10 points A local finance company quotes a 17% interest rate on

TBB - THE BI Assignment 2 Summer 2020 Saved PERKS OF BE 16 10 points A local finance company quotes a 17% interest rate on one-year loans. So, if you borrow $25,000, the interest for the year will be $4,250. Since you must repay a total of $29,250 in one year, the finance company requires you to pay $29,250/12, or $2.437.50, per month over the next 12 months. Is this a 17% loan? What rate would legally have to be quoted? (Do not round intermediate calculations, Round the final answer to 2 decimal places.) Annual percentage rate % What is the effective annual rexe? (Do not round intermediate calculations. Round the final answer to 2 decimal places.) Effective annual rate eBook % Print References

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