You borrow $4,700 and you are required to pay $210 monthly for 24 months. a. (5...
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You borrow $4,700 and you are required to pay $210 monthly for 24 months. a. (5 points) Assuming monthly compounding, find the effective monthly rate. (show your work) b. (5 points) Convert the effective monthly rate that you found into the annual percentage rate (APR). (show your work) c. (5 points) Convert the effective monthly rate that you found into the effective annual rate (EAR). (show your work) You borrow $4,700 and you are required to pay $210 monthly for 24 months. a. (5 points) Assuming monthly compounding, find the effective monthly rate. (show your work) b. (5 points) Convert the effective monthly rate that you found into the annual percentage rate (APR). (show your work) c. (5 points) Convert the effective monthly rate that you found into the effective annual rate (EAR). (show your work)
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