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What is the annual interest rate on the loan

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-If a loan of $10 000 is paid back in equal annual end-of-year payments of $2 570.69 during the next five years, what is the annual interest rate on the loan?

-Frankie and Emerson want to buy a house. Their banker offered them a fully amortising $95 000 loan at a 12% annual rate for 20 years. What will their monthly payment be if they make equal monthly instalments over the next 20 years? (round to nearest $10).

Reference no: EM132616723

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