Business
Business, 29.10.2021 06:40, dekarouh

A student borrows $1,000 from a finance company at a nominal interest rate of 24% (annual) that compounds monthly. They pay it back at the end of the year (payment period is one year). If the effective annual interest rate is 26.8% how much interest does the student end up paying on the loan

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A student borrows $1,000 from a finance company at a nominal interest rate of 24% (annual) that comp...

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