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A local finance company quotes an interest rate of percent on oneyear loans So if you borrow the interest for the year will be Because you must repay a total of in one year the finance company req

A local finance company quotes an interest rate of percent on oneyear loans So if you borrow the interest for the year will be Because you must repay a total of in one year the finance company req

A local finance company quotes an interest rate of  percent on oneyear loans So if you borrow  the interest for the year will be  Because you must repay a total of  in one year the finance company requires you to pay  or  per month over the next  months.

 

a

What rate would legally have to be quotedDo not round intermediate calculations and enter your answer as a percent rounded to  decimal places eg

b What is the effective annual rateDo not round intermediate calculations and enter your answer as a percent rounded to decimal places eg
mahesh 13-Feb-2020

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