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Demonstrate what is the effective rate on the loan

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Question 1: You have recently finished your BS from Hamdard University. You would like to buy a new vehicle immediately. The cost of vehicle is about $ 21,000. The bank quotes an interest rate of 15% APR for a 72-month loan with a 10% down payment. What is the effective rate on the loan? What will your monthly payment be?

Reference no: EM132595314

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