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You have just purchased a house and borrowed $80,000 towards the purchase. The amount is to be repaid over a period of 11 years in
You have just purchased a house and borrowed $80,000 towards the purchase. The amount is to be repaid over a period of 11 years in payments of $1,000 each month. What is the Annual Percentage Rate (APR) of the loan? please explain the formula or excel func you use to solve. thanks!
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