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The Phi Nancy Company will lend you $20,000 for your new car purchase. Phi Nancy requires that you pay that load back in monthly payments
The Phi Nancy Company will lend you $20,000 for your new car purchase. Phi Nancy requires that you pay that load back in monthly payments of $950 cash, for a total of thirty-six monthly payments.
What is the annual percentage rate (APR) and the effective annual rate (EAT) that Phi Nancy require on this loan?
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