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 payment.

Find the annual percentage rate (APR) for this installment loan.

Find the effective annual rate (EAR) for this installment loan.

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