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What is the percent effective interest rate per year

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Reference no: EM133004500

On April 1 2019 you plan to buy a motorcycle for Rp. 20,000,000. You borrow money from a bank in the amount of Rp. 20,000,000 which you must pay off every month starting May 1, 2019 for 5 years (60 installments). if the loan interest rate is 12% per annum:

Problem a. How much is the installment per month?

Problem b. What is the percent effective interest rate per year?

Reference no: EM133004500

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