Calculate the actual annual percentage rate of interest for, Finance Basics

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Calculate the actual annual percentage rate of interest for

1. For a loan of $1,300 at an annual interest of 11% for 18 months, using the level method, calculate

(a) the monthly payment,

(b) the monthly interest portion (MIP), and

2. Calculate the actual annual percentage rate of interest for the loan in Exercise 1 using both formulas APR1 a and APR2 a.

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