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What is the effective interest rate for this loan

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Reference no: EM13284361

A debt of $10,000 must be paid in a series of equal monthly payments for 5 years. The nominal annual interest rate is 12%, compounded monthly.

1) What is the effective interest rate for this loan?
2) Loan balance after 12th payment?
3) The quarterly annual payment, if interest is compounded quarterly?

 

Reference no: EM13284361

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