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Janet applied for a loan from her credit union. The annual interest rate is 1 9 % . She plans to repay it over 6
Janet applied for a loan from her credit union. The annual interest rate is She plans to repay it over years, paying $ monthly.
a How much did Janet borrow?
b Prepare the loan amortization schedule for the first year.
c Compute the effective annual rate of the loan.
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