Question: You need to borrow $ 1 0 , 0 0 0 and your second alternative is b ) Pay $ 2 0 7 . 5

You need to borrow $10,000 and your second alternative is
b) Pay $207.58 at the end of each month, for 5 years, starting at the end of the first month (60 payments in total)
What is the effective interest rate charged?
Express answer as a percent
You need to borrow $10,000 and your second alternative is b)

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