Math Expert

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Accounting,Algebra See all
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Teaching Since: Apr 2017
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  • Electronics Engineering
    New york Institute of Technology
    Jan-2015 - Dec-2016

Experience

  • Tutor
    NYIT
    Jan-2015 - Present

  • Tutor
    NYIT
    Jan-2015 - Present

Category > Accounting Posted 28 Apr 2017 My Price 12.00

ou borrow $1,000 from the bank a

Comments:You borrow $1,000 from the bank and agree to repay the loan over the next year in 12 equal end-of-month payments of $90. What is the effective annual interest rate on the loan?

Answers

Math Expert
(3)
Status NEW Posted 28 Apr 2017 01:04 PM My Price 12.00

Com-----------men-----------ts:-----------You----------- bo-----------rro-----------w $-----------1,0-----------00 -----------fro-----------m t-----------he -----------ban-----------k a-----------nd -----------agr-----------ee -----------to -----------rep-----------ay -----------the----------- lo-----------an -----------ove-----------r t-----------he -----------nex-----------t y-----------ear----------- in----------- 12----------- eq-----------ual----------- en-----------d-o-----------f-m-----------ont-----------h p-----------aym-----------ent-----------s o-----------f $-----------90.----------- Wh-----------at -----------is -----------the----------- ef-----------fec-----------tiv-----------e

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