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A.Youve borrowed $5,935.77 and agreed to pay back the loan with monthly payments of $230. If the interest rate is 12% stated as an APR,

A.Youve borrowed $5,935.77 and agreed to pay back the loan with monthly payments of $230. If the interest rate is 12% stated as an APR, how long will it take you to pay back the loan?

b. What is the effective annual rate on the loan?

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