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Determine the annual interest rate on the debt contracts

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Reference no: EM132836949

Problem 1: Determine the annual interest rate on the following debt contracts:

1. A $25,000 mortgage with monthly payments of $209.80 to be paid off in 25 years.

2. Solve the problem in a considering that the lender is charging a 2% fee at the time the loan is taken out so that the actual amount being lent you is less than $25,000.

3. An installment loan for $2,000 that has monthly payments of $66 for the 36 months and an additional balloon payment of $150 in the last month.

Reference no: EM132836949

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