Finding the interest rate You want to borrow $10,000 and repay the loan with LO 3 equal
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Finding the interest rate You want to borrow $10,000 and repay the loan with LO 3 equal monthly payments for five years. The bank has advised you that the re¬ quired monthly payment will be $222.45. What is the monthly rate of interest and the effective annual rate of interest that the bank is proposing to charge you for this loan?
(LO 1)
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Related Book For 
Management Accounting
ISBN: 9780130101952
3rd Edition
Authors: Anthony A. Atkinson, Robert S. Kaplan, S. Mark Young, Rajiv D. Banker, Pajiv D. Banker
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