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You've 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

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You've 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 a. How long will it take you to pay back the loan? (Do not round intermediate calculations. Round your answer to the nearest whole number.) Number of months b. What is the effective annual rate on the loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.) Effective annual rate A store will give you a 4.00% discount on the cost of your purchase if you pay cash today. Otherwise, you will be billed the full price with payment due in 1 month. What is the implicit borrowing rate being paid by customers who choose to defer payment for the month? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.) Effective annual rate %

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