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What are the loan monthly payments

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Reference no: EM132698827

Problem - United Sales Association (USA) recently borrowed $25,000 from its bank at a simple interest rate of 11 percent. The loan is for one year, and the loan agreement calls for the interest to be added to the amount borrowed and the total amount to be repaid in monthly installments.

Required -

(a) What are the loan's monthly payments?

(b) Compute the loan's APR and rEAR.

Reference no: EM132698827

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