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Pete borrows $10,000 to purchase a used car. He must repay the loan in 48 equal end-of-period mouthy payments. Interest is calculated at 1 1/4%

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Pete borrows $10,000 to purchase a used car. He must repay the loan in 48 equal end-of-period mouthy payments. Interest is calculated at 1 1/4% per month. Determine the following: The nominal annual Interest rate The effective annual Interest rate The amount of monthly payment

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