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MathematicsMathematics
14 February, 09:38

Using the formula, compute the following true annual interest rate problems. I=2yc/m (n+1) Loan amount = $10,000 Monthly payments = $258.50 Time of loan contract = 5 years True annual interest rate (to the nearest tenth) =

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  1. 14 February, 09:48
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    Total instalment amounts paid = (258.5 * 12 * 5) = 15460

    total interest charges paid = 15460 - 10000 = 5460

    i = (2 * 12 * 5460 / 10000*61) * 100 = 21.5%
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Home » Mathematics » Using the formula, compute the following true annual interest rate problems. I=2yc/m (n+1) Loan amount = $10,000 Monthly payments = $258.50 Time of loan contract = 5 years True annual interest rate (to the nearest tenth) =
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