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What is the annual interest rate on her loan

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Shania would like to finance the purchase of her car. If she borrows $20 000 as a five-year loan from the bank and the bank requires her to make end-of-month payments of $400, what is the annual interest rate on her loan if interest is compounded monthly and the loan is completely paid off at the end of the five-year period?

Reference no: EM132494869

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