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Posted on Sep 22, 2024

Youve borrowed $5,418.71 and agreed to pay back the loan with monthly payments of $230. Assume the interest rate is 12% 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?

Note: Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.

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