What is the effective annual rate on loan

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Reference no: EM131070505

You’ve borrowed $6,903.71 and agreed to pay back the loan with monthly payments of $270. Assume the interest rate is 15% stated as an APR. a. How long will it take you to pay back the loan in Number of months? b. What is the effective annual rate on the loan?

Reference no: EM131070505

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What is the effective annual rate on loan : You’ve borrowed $6,903.71 and agreed to pay back the loan with monthly payments of $270. Assume the interest rate is 15% stated as an APR. How long will it take you to pay back the loan in Number of months? What is the effective annual rate on the lo..

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