QUESTION 3 What is the yearly interest payment on an interest only loan if the loan is 21 years long and has a 8% interest rate on a principal of 2,000? (Please use at least 5 decimal places and do not use $ symbol in the answer)

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Effective Interest Rate

The term interest rate can be defined as the amount that is charged by the lender as a percentage on the principal amount. Interest rate which is charged annually is known as annual percentage rate.