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What is the effective annual interest rate on loan

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Reference no: EM132484965

Xiang is offered a loan of $21,900 that requires 60 monthly payments of $433.65.

What is the effective annual interest rate on this loan? (Round intermediate calculations to 5 decimal places, e.g. 5.12534% and final answer to 2 decimal places, e.g. 25.12%.)

What would the quoted rate be? (Round answer to 2 decimal places, e.g. 25.12%. Do not round your intermediate calculations.)

Reference no: EM132484965

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