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What is the effective interest rate for the loan

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Someone has offered to loan you $1,200 now for two months if you will pay him back $612 at the end of the month for the next two months.

Problem A. What is the effective interest rate for this loan?

Problem B. If the bank interest rate is 9% per year, has your friend offered you a good deal? Why?

Reference no: EM132750839

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