What is the monthly interest rate-annually interest rate

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Reference no: EM131327060

Frank purchased a boat today for $101,000. Frank will pay it over for 8 years with $1,356.99 monthly payments.

What is the MONTHLY interest rate?

What is the nominal ANNUALLY interest rate?

What is the effective interest?

Reference no: EM131327060

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What is the monthly interest rate-annually interest rate : Frank purchased a boat today for $101,000. Frank will pay it over for 8 years with $1,356.99 monthly payments. What is the MONTHLY interest rate? What is the nominal ANNUALLY interest rate? What is the effective interest?

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