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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Related Book For
Personal Finance Turning Money into Wealth
ISBN: 978-0134730363
8th edition
Authors: Arthur J. Keown
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