You borrowed $8,268.14 and agreed to repay the loan with a monthly payment of $300. Suppose the
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Question:
You borrowed $8,268.14 and agreed to repay the loan with a monthly payment of $300. Suppose the interest rate is 15%, indicated as April.
A. How long will it take you to repay the loan? (Do not round up intermediate calculations. Round your answer to the nearest whole number.)
Number of months =
B. What is the effective annual rate of the loan? (Do not round up intermediate calculations. Enter your answer as a percentage, rounded to 2 decimal places.)
Effective annual rate = % _____
Related Book For
Financial Reporting Financial Statement Analysis and Valuation a strategic perspective
ISBN: 978-1337614689
9th edition
Authors: James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Posted Date: