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Assume you obtain a $12,000 loan (without credit life insurance). It is a four-year simple-interest installment loan with an annual interest rate of 11.33 percent.

Assume you obtain a $12,000 loan (without credit life insurance). It is a four-year simple-interest installment loan with an annual interest rate of 11.33 percent. First, what would be the monthly payment? Second, how much total interest will you pay over the four years? Third, what is the APR on this loan?

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