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The effective annual interest rate of a loan is 8.5% (note: it is not the APR). The customer needs to make 4 payments each year.
The effective annual interest rate of a loan is 8.5% (note: it is not the APR). The customer needs to make 4 payments each year. The loan must be paid off in 11 years. Suppose the principal of the loan is $89,661. The payment in each period is $
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