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What is meant by a percent apr

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Reference no: EM132013440

A lending institution offers you a loan at a 5.99 percent APR. You will make monthly payments on the loan. Based on this information, answer the following:

a. What is meant by a 5.99 percent APR?

b. Given the loan must be repaid in monthly equal payments, what is the effective annual rate and what does it mean?

Reference no: EM132013440

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