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August 30, 2014

Homework Help: economics

Posted by Anonymous on Wednesday, February 1, 2012 at 12:30am.

Picabo borrows $1,000. To repay the amount she makes 12 equal monthly payments of $90.30. Determine the following:
(a) The effective monthly interest rate
(b) The nominal annual interest rate
(c) The effective annual interest rate

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