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How long will it take you to pay back the loan

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Reference no: EM131967401

You've borrowed $5,418.71 and agreed to pay back the loan with monthly payments of $230. Assume the interest rate is 12% stated as an APR.

a. How long will it take you to pay back the loan?

b. What is the effective annual rate on the loan?

Reference no: EM131967401

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