A loan of $3000 is to be repaid by level monthly installments in arrears over a period of 3 years. the flat rate of interest for this transaction being 4.7% per annum. APR of this transaction is: a)7.1% b)8.9% c)10.2% d)9.1%
A loan of $3000 is to be repaid by level monthly installments in arrears over a period of 3 years. the flat rate of interest for this transaction being 4.7% per annum. APR of this transaction is: a)7.1% b)8.9% c)10.2% d)9.1%
Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter7: Using Consumer Loans
Section: Chapter Questions
Problem 6FPE
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A loan of $3000 is to be repaid by level monthly installments in arrears over a period of 3 years. the flat rate of interest for this transaction being 4.7% per annum.
APR of this transaction is:
a)7.1%
b)8.9%
c)10.2%
d)9.1%
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