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Posted on Aug 21, 2024

To payoff a loan of $ 1 0 0 0 you need to make 4 0 payment of $ 3 6 . 5 6 per

To payoff a loan of $

1000

you need to make

40

payment of $

36.56

per month. What rate of interest are you paying? What is the stated or quoted rate in Q

. 10 ?

What is the annual percentage rate? What is the effective annual

rate in Q

. 10 ?

What rate is bank likely to use to state its rate?

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