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Xiang is offered a loan of $21,900 that requires 60 monthly payments of $433.65. What is the effective annual interest rate on this loan? (Round
Xiang is offered a loan of $21,900 that requires 60 monthly payments of $433.65.
What is the effective annual interest rate on this loan?(Round intermediate calculations to 5 decimal places, e.g. 5.12534% and final answer to 2 decimal places, e.g. 25.12%.)
What would the quoted rate be?(Round answer to 2 decimal places, e.g. 25.12%. Do not round your intermediate calculations.)
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