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1. Sally would like to buy a motorcycle to get around campus easily. However, she has not saved any money so she borrows $8,000 from

1. Sally would like to buy a motorcycle to get around campus easily. However, she has not saved any money so she borrows $8,000 from the bank to buy her motorcycle. The bank is charging her 1.5% per month compounded monthly. What is the effecve annual interest rate she is being charged? How much must she repay to the bank each month if she has a 24 month loan?

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