Youve borrowed 541871 and agreed to pay back the loan with
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?
b. What is the effective annual rate on the loan?
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youve borrowed 541871 and agreed to pay back the loan with monthly payments of 230 assume the interest rate is 12
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