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Cost of installment loan

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(Cost of installment loan)

Barbara's Bank will give you an installment loan for $50,000 that will be repaid in 12 equal monthly installments. The loan is a 12% add-on loan, which means you must pay 12% on the original loan (not just the remaining balance). Your total payments will be $56,000 (the principal of $50,000 plus $6,000 of interest). So, your monthly payment is $4666.67. What APY are you paying on the loan?

Reference no: EM131710285

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