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Posted on Oct 06, 2024

You ve borrowed $ 6 , 4 9 3 . 9 7 and agreed to pay back the loan with monthly payments of $ 2

You

ve borrowed $

6, 493.97

and agreed to pay back the loan with monthly payments of $

250 .

Assume the interest rate is

9 %

stated as an APR.

How long will it take you to pay back the loan?

Note: Do not round intermediate calculations. Round your answer to the nearest whole number.

What is the effective annual rate on the loan?

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