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What is the annual interest on her loan

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Question - Adriana Lima would like to finance the purchase of her car. If she borrows $34,000 as a five-year loan from the bank and the bank requires her to make end-of-month payments $700, what is the annual interest on her loan if interest is compounded daily and the loan is completely paid off at the end of the five-year period?

Reference no: EM132516830

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