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What is the interest rate on the loan-effective rate

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The North Arctic Rangers Federation (NARF) bought a $32,500 car.The loan has monthly payments of $610.34 for 5 years.

A: What is the interest rate (APR) on the loan? What is the effective rate?

B: They just made the 15th payment. What is the outstanding balance on the loan?

Reference no: EM13836227

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