You have just borrowed $$ 10,000$ and will be required to make monthly payments of $$ 227.53$
Question:
You have just borrowed $\$ 10,000$ and will be required to make monthly payments of $\$ 227.53$ for the next five years in order to fully repay the loan. What is the implicit interest rate on this loan?
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Step by Step Answer:
To determine the implicit interest rate on the loan we can use the formula for calculating the inter...View the full answer
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Muhammad Salman Alvi
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