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bigexternal bigexternal
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7 years ago
You have just borrowed $20,000 to buy a new car. The loan agreement calls for 60 monthly payments of $444.89 each to begin one month from today. If the interest is compounded monthly, then what is the effective annual rate on this loan?
A) 12.68%   
B) 14.12%   
C) 12.00%   
D) 13.25%   
E) 15.08%
Textbook 
Corporate Finance Online

Corporate Finance Online


Edition: 1st
Authors:
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We're using: Corporate Finance Online (Eakins, McNally)
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BlimpBlimp
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7 years ago
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Pol. Sci. Major
Minoring in Business
Columbia University Sophomore

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bigexternal Author
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#2
7 years ago
Really appreciate the effort, thank you for responding
We're using: Corporate Finance Online (Eakins, McNally)
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