Use $60,000 loan amount with 7% stated interest rate for 8 months. You are considering the above
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Question:
Use $60,000 loan amount with 7% stated interest rate for 8 months.
You are considering the above installment loan.
-Find loan amount
-Find the monthly payment
-Find the amount of interest
-Find the period interest rate
-Find the annual percentage rate (APR) for this installment loan
-Find the effective annual rate (EAR) for this installment loan
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