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Suppose you take out a $1,000, 3-year loan using add-on interest with a quoted interest rate of 20% per year. What will your monthly payments

Suppose you take out a $1,000, 3-year loan using add-on interest with a quoted interest rate of 20% per year. What will your monthly payments be? (Total payments are $1,000 + $1,000 * 0.20 * 3 = $1,600.) What are the true APR and effective annual rate on the loan?

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