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in detail with complete answer please! 3. A borrower wishes to repay a loan with 48 monthly payments of $800 each. The total principal paid
in detail with complete answer please!
3. A borrower wishes to repay a loan with 48 monthly payments of $800 each. The total principal paid in the first 12 payments is $7,446.46. The total interest paid in the last 12 payments is $364.15. Find the effective monthly rate. Hint: Find the principal in the last 12 payments first Step by Step Solution
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