46You’ve borrowed $4,248.68 and agreed to pay back the loan with monthlypayments of $200.If the interest rate is 12% stated on an APR, how long willit take to you to pay back the loan?What is the effective rate on the loan?If the interest rate is 12% stated on an APR, how long will it take to you topay back the loan
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Answer: 2 years ( I think )
Explanation:
$4,248 = 200 x [ 1 / 0.01 - 1 / 0.01 x 1.01) ]
= 24 monts or 2 years
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