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Engineering economy You borrow $13,000 from a bank for two years at an annual interest rate or annual percentage rate APR of 14%. Monthly payments

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You borrow $13,000 from a bank for two years at an annual interest rate or annual percentage rate APR of 14%. Monthly payments will be made until all the principal and interest have been repaid a. What is your monthly payment? b. If you must pay two points up front, meaning that you get only $12, 740 from the bank, what is your true APR on the loan? a. Your monthly payment is $ (Round to the nearest dollar.)

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