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A local finance company quotes an interest rate of 15.6 percent on one-year loans. So, if you borrow $36,000, the interest for the year will be $5,616. Because you must repay a total of $41,616 in one year, the finance company requires you to pay $41,616/12, or $3,468.00 per month over the next 12 months.
Requirement 1:
Is the interest rate on this loan 15.6 percent?
No Yes
Requirement 2:
What rate would legally have to be quoted? (Round your answer as directed, but do not use rounded numbers in intermediate calculations. Enter your answer as a percent rounded to 2 decimal places (e.g., 32.16).)
APR %
Requirement 3:
What is the effective annual rate? (Round your answer as directed, but do not use rounded numbers in intermediate calculations. Enter your answer as a percent rounded to 2 decimal places (e.g., 32.16).)
EFFECTIVE INTEREST RATE You borrow $90,000; the annual loan payments are $12,875.58 for 30 years. What interest rate are you being charged? Round to TWO decimal places.
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