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What is the monthly interest rate on loan

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Reference no: EM131318511

You purchased a new car for $23,000. To purchase the car you have a loan with payments of $509.09 monthly for four years.

  • What is the monthly interest rate on this loan?
  • What is the nominal annual interest rate on this loan?
  • What is the effective annual interest rate on this loan?

Reference no: EM131318511

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