You get a 180-day $3,000 consumer loan at 9% interest You are required to pay a $100

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You get a 180-day $3,000 consumer loan at 9% interest You are required to pay a $100 setup fee at the time you get the loan. Based on a 365-day year, calculate the APR. Express the rate to the nearest tenth of a percent.

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Financial Analysis with Microsoft Excel

ISBN: 978-1285432274

7th edition

Authors: Timothy R. Mayes, Todd M. Shank

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Posted Date: Apr 14, 2023 01:31 AM

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You get a 180-day $3,000 consumer loan at 9% interest You are required to pay a $100

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To calculate the APR we need to find the equivalent interest rate for a whole ... View the full answer

Financial Analysis with Microsoft Excel

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