Question
aguar bank advertises the 51-50 Club. A person may borrow $2,000 and repay $51 for the next 50 months, beginning 30 days after receiving the
aguar bank advertises the 51-50 Club. A person may borrow $2,000 and repay $51 for the next 50 months, beginning 30 days after receiving the money. Determine the nominal annual interest rate and effective annual interest rate for this loan.
Please show all the works and stepts
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The Handbook Of Financing Growth
Authors: Kenneth H. Marks, Larry E. Robbins, Gonzalo Fernandez, John P. Funkhouser, D. L. Williams
2nd Edition
0470390158, 978-0470390153
