Multiple Choice
You have just borrowed R20,000 to buy a new car.The loan agreement calls for 60 monthly payments of R444.89 each to begin one month from today.If the interest is compounded monthly, then what is the effective annual rate on this loan?
A) 12.68%
B) 14.12%
C) 12.00%
D) 13.25%
E) 15.08%
Correct Answer:
Verified
Correct Answer:
Verified
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