Calculating interest and APR of installment loan. Assuming that interest is the only finance charge, how much

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Calculating interest and APR of installment loan. Assuming that interest is the only finance charge, how much interest would be paid on a $5,000 installment loan to be repaid in 36 monthly installments of $166.10? What is the APR on this loan?

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PFIN

ISBN: 9780357033616,9780357033692

7th Edition

Authors: Randall Billingsley , Lawrence J. Gitman , Michael D. Joehnk

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Question Posted: Jul 24, 2024 09:00 AM

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Calculating interest and APR of installment loan. Assuming that interest is the only finance charge, how much

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