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PLEASE ANSWER ALL QUESTIONS You've borrowed $1,496.06 and agreed to pay back the loan with monthly payments of $110. Assume the interest rate is 15%
PLEASE ANSWER ALL QUESTIONS
You've borrowed $1,496.06 and agreed to pay back the loan with monthly payments of $110. Assume the interest rate is 15% stated as an APR. a. How long will it take you to pay back the loan? Note: Do not round intermediate calculations. Round your answer to the nearest whole number. b. What is the effective annual rate on the loan? Note: Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal placesStep by Step Solution
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Environmental Finance And Investments
Authors: Marc Chesney, Jonathan Gheyssens, Anca Claudia Pana, Luca Taschini
2nd Edition
366248174X, 978-3662481745
