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10,000 loan paid monthly for 2 years at 3% annually but this is not the annual effective interest rate. Total interest = 600 Monthly payment=

10,000 loan paid monthly for 2 years at 3% annually but this is not the annual effective interest rate.

Total interest = 600

Monthly payment= 441.67

I. Construct a table listing principal repaid, outstanding balance, interest paid for each t from month 1 to 24 (use random i)

II. find actual effective interest (by goal seek)

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