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You want to borrow $2,000 to be repaid in 12 monthly installments of $189.12. What is the annual interest rate

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You want to borrow $2,000 to be repaid in 12 monthly installments of $189.12. What is the annual interest rate

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  1. the APR takes into account any set up fees --the rate for 1 year repayment is 24%


  2. 189.12*12=2,269.44/2000=1.13472=13.47% APR

  3. 24% is the correct answer:

    PV = -2,000

    PMT = 189.12

    N = 12

    Solve for I% = 2.00 per month, * 12 = 24%
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