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Please verify explain any discrepancies using a financial calculator: You have just borrowed $20,000 to buy a new car. The loan agreement calls for 60

Please verify explain any discrepancies using a financial calculator:

You have just borrowed $20,000 to buy a new car. The loan agreement calls for 60 monthly payments of $444.89 each to begin one month from today. What is the annual interest rate you are paying?

N=60

I/YR=?

PMY= -444.89

PV=20,000

FV=n/a

Answer: I/YR=1x12 = 12%

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