Answered: Find apr of the loan given the amount…

Find apr of the loan given the amount of the loan, number and type of payments and the add on interest rate. Loan amount $6000, 3 yearly payments ;rate 8% the annual percentage rate is?

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter7: Using Consumer Loans

Section: Chapter Questions

Problem 5FPE

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Find apr of the loan given the amount of the loan, number and type of payments and the add on interest rate. Loan amount $6000, 3 yearly payments ;rate 8%

the annual percentage rate is?

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