Multiple Choice
A new car promotion offers 0.9% compounded monthly interest for the first 36 months on a loan of $57,000. The payments on this loan are $1,000 per month for five years. What annually compounded interest rate is being applied to the loan for the last two years?
A) 15.13%
B) 10.800%
C) 5.331%
D) 8.124%
E) 10.662%
Correct Answer:
Verified
Correct Answer:
Verified
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