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12 December, 20:44

Amount Financed (m) = $2,500 Number of Payments per year (y) = 12 Number of Payments (n) = 36 Total Interest (c) = $158.15

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  1. 12 December, 21:00
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    The number of payments per year is 12

    The number of payments is 36 which means that the term lasted for 3 years.

    The total interest is $158.15 and the amount financed is $2500.

    The interest rate is

    158.15/2500 = 6.33%

    In nominal month, that is

    (1 + r/12) ^12 - 1 = 0.0633

    Solve for r
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