Equal end of period monthly payments-annual interest rate

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Reference no: EM13735713

Pete borrows $10,000 to purchase a used car, He must repay the loan in 48 equal end –of-period monthly payments. Interest is calculated at 1.25% per month. Determine the following:

The amount of the monthly payment

The nominal annual interest rate

The effective annual interest rate

Reference no: EM13735713

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