You just took out a variable-interest-rate consumer loan set at 3 percent over prime. After 1 year,

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You just took out a variable-interest-rate consumer loan set at 3 percent over prime. After 1 year, your rate jumps to 4 percent over prime. Treasury bills are currently paying 2 percent. What is the new interest rate on your consumer loan?

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Personal Finance Turning Money into Wealth

ISBN: 978-0134730363

8th edition

Authors: Arthur J. Keown

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Question Posted: Dec 31, 2019 06:28 AM

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You just took out a variable-interest-rate consumer loan set at 3 percent over prime. After 1 year,

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Personal Finance Turning Money into Wealth

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