Question: You are considering a $ 4 0 , 0 0 0 ( add - on ) installment loan. The stated rate of interest is 7

You are considering a $40,000(add-on) installment loan. The stated rate of interest is 7%, and five 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.

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