Business
Business, 10.03.2020 04:02, kikieet

A finance company offers a "3% plan". The cost of a one-year loan is 3%, and this cost is added to the loan. This total is then divided by 12 to get the monthly payments. Calculate the effective interest rate being charged for a loan of $8,000.

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A finance company offers a "3% plan". The cost of a one-year loan is 3%, and this cost is added to t...

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