Question: You are considering a $30,000 (add-on) installment loan. The stated rate of interest is 7%, and eight monthly payments will be made. Find the loan

You are considering a $30,000 (add-on) installment loan. The stated rate of interest is 7%, and eight monthly payments will be made. Find the loan amount Find the amount of interest. Find the monthly payment. Find the period interest rate. Find the annual percentage rate (APR) for this installment loan. Find the effective annual rate (EAR) for this installment loan. Bumpas Enterprises purchases $4,562,500 in goods per year from its sole supplier on terms of 2/15, net 40. Find m and period interest rate Find the annual percentage rate (APR) Find the effective annual rate (EAR).

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