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Calculate the annual percentage rate if the loan quoted

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Reference no: EM132903221

A bank customer is granted credit for a $2,000 loan at 10% to be repaid in 12 equal installments.

Problem 1. Calculate the net proceeds if the debt is a discount loan.

Problem 2. Calculate the monthly payments if the debt is a discount loan.

Problem 3. Calculate the annual percentage rate (APR) if the loan quoted has an add-on rate.

Reference no: EM132903221

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