Multiple Choice
You have just borrowed $20,000 to buy a new car.The loan agreement calls for 60 monthly payments of $444.89 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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