you borrow $5,000 at 15% for 12 months. you and your creditor agree, that you will make TWO equal payments, one at 3 months and one at 7 months. using a focal point places at 12 months. what is the amount of the payment? make sure you rond all intermediate calculations to 5 decimal places, round final answer to the nearest penny

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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.