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Suppose you secure a home improvement loan in the amount of $7,000 from a local bank with an add-on rate of 9% for two years.

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Suppose you secure a home improvement loan in the amount of $7,000 from a local bank with an add-on rate of 9% for two years. You will make 24 equal monthly payments. (a) Determine the amount of the monthly installment (b) Compute the nominal and the effective annual interest rate on the loan Note: show al calculations to recolve credit

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