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How much interest would be paid on installment loan

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Reference no: EM132492773

Assume that interest is the only finance charge. Use financial calculator to answer the questions.

Question 1: How much interest would be paid on a $2,000 installment loan to be repaid in 48 monthly installments of $52.73? Round the answer to 4 decimal places.

Question 2: What is the APR on this loan? Round the answer to 2 decimal places.

Reference no: EM132492773

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