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The quarterly payment on a 10-year loan is 186750 the loans

The quarterly payment on a 10-year loan is $1867.50. The loan's interest rate is a 5.1% annual percentage rate (APR) and payments are end-of-quarter.

(a) What is the loan amount?

(b) What is the loan's effective annual rate (EAR)?

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Finance Basics: The quarterly payment on a 10-year loan is 186750 the loans

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Finance Basics: The quarterly payment on a 10-year loan is 186750 the loans

Reference No:- TGS02918657

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