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What is effective annual interest rate is client paying loan

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Question - Your client has just purchased a business for $200,000 and made a cash payment for 20% of the purchase price. The rest of the purchase was financed with a loan which calls for monthly payments of $1400 over a 20 year amortization period and term. What is effective annual interest rate is your client paying on the loan?

Reference no: EM132715065

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