You borrow a 345000 add-on interest loan from the credit


You borrow a $345,000 add-on interest loan from the credit union and will repaid in equal installment over 12 years. The nominal rate of interest is 4.75%. Assuming daily payment and simple rate of interest obtain the annual percentage rate.

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Finance Basics: You borrow a 345000 add-on interest loan from the credit
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