You borrow 1000 and pay off the loan with interest after 45


You borrow $1000 and pay off the loan with interest after 4.5 years. The amount paid is $1500. What is the effective annual interest rate for this loan? Use a 6 month interest period.

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Civil Engineering: You borrow 1000 and pay off the loan with interest after 45
Reference No:- TGS0646182

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