Shania would like to finance the purchase of her car. If she borrows $20 000 as a

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Shania would like to finance the purchase of her car. If she borrows $20 000 as a five-year loan from the bank and the bank requires her to make end of month payments of $400, what is the annual interest rate on her loan if interest is compounded monthly and the loan is completely paid off at the end of the five-year period? (I/Y)

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Personal Finance

ISBN: 978-0134724713

4th Canadian edition

Authors: Jeff Madura, Hardeep Singh Gill

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