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Posted on Sep 30, 2024

8 . You borrowed $ 2 0 , 0 0 0 , to be repaid in 1 2 monthly installments of $ 1 , 8

8 .

You borrowed $

20, 000,

to be repaid in

12

monthly installments of $

1, 891.20 .

What is the annual interest rate? Use formula, step by step please.

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