Effective annual rate on the loan, Finance Basics

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Effective annual rate on the loan

Problem:

You've borrowed $2,067.65 and agreed to pay back the loan with monthly payments of $130. If the interest rate is 9% stated as an APR.

Required:

Question 1: How long will it take you to pay back the loan?

Question 2: What is the effective annual rate on the loan?

Note: Please show how to work it out.

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Finance Basics: Effective annual rate on the loan

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Finance Basics: Effective annual rate on the loan

Reference No:- TGS0878228

Have a Question? (oR Write a Review)

Recent Questions Asked Finance Basics

Q : What is the current stock price

Q : Average accounting return

Q : What is meant by policy inertia

Q : What is the stock price

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Q : What is the payback in years

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Request for Solution File

Ask an Expert for Answer!!

Finance Basics: Effective annual rate on the loan

Reference No:- TGS0878228

Recent Questions Asked Finance Basics

Q : What is the current stock price

Q : Average accounting return

Q : What is meant by policy inertia

Q : What is the stock price

Q : Effective annual rate on the loan

Q : What is the irr

Q : Coupon rate be on the bonds

Q : What is the payback in years

Q : Profit or loss for deere and bros

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