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Problem 7-3 Calculating the Annual Percentage Rate [LO7-2] Dave borrowed $600 on January 1, 2022. The bank charged him a $6.40 service charge, and
Problem 7-3 Calculating the Annual Percentage Rate [LO7-2] Dave borrowed $600 on January 1, 2022. The bank charged him a $6.40 service charge, and interest was $44.90. If Dave paid the $600 in 12 equal monthly payments, what was the APR? Note: Do not round intermediate calculations. Enter your answer as a percent rounded to 1 decimal place. Annual percentage rate %
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Personal Financial Planning
Authors: Lawrence J. Gitman, Michael D. Joehnk, Randy Billingsley
13th edition
1111971633, 978-1111971632
