Determining the remodel the local dive

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Reference no: EM131806633

E.Z. Money, who owns a chain of nightclubs, needs to borrow $20,000 to remodel the local dive. Imam Shark offers to loan the $20,000 to Money for 24 months. Money must make monthly payments of $1118. Determine the loan's (a) monthly interest rate and (b) effective annual interest rate.

Reference no: EM131806633

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