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You borrow $13,000 from a bank for two years at an annual interest rate, or annual percentage rate (APR), of 13%. Monthly payments will be

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You borrow $13,000 from a bank for two years at an annual interest rate, or annual percentage rate (APR), of 13%. Monthly payments will be made until all the principal and interest have been repaid. a. What is your monthly payment? b. If you must pay two points up front, meaning that you get only $12,740 from the bank what is your true APR on the loan

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