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Calculating interest and apr of installment loan

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Financial Planning Exercise 9 Calculating interest and APR of installment loan

Assume that interest is the only finance charge. Use financial calculator to answer the questions.

How much interest would be paid on a $4,000 installment loan to be repaid in 24 monthly installments of $188.47? Round the answer to 4 decimal places.

% per month

What is the APR on this loan? Round the answer to 2 decimal places.

Reference no: EM132585450

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