Question
Youve borrowed $983.90 and agreed to pay back the loan with monthly payments of $60. If the interest rate is 12% stated as an APR,
Youve borrowed $983.90 and agreed to pay back the loan with monthly payments of $60. If the interest rate is 12% stated as an APR, how long will it take you to pay back the loan? (Do not round intermediate calculations. Round your answer to 2 decimal places.)
| Payback period years |
b. What is the effective annual rate on the loan? (Do not round intermediate calculations. Round your answer to 2 decimal places.)
Effective annual rate on the loan % |
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Metaverse Nft And Cryptocurrencies Investing
Authors: Manuel Defi Robins
1st Edition
979-8413888537
