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Business, 18.02.2020 00:03 djtblaster

A student looking at the timeline for a student loan on page 60 of the text makes the following observation: The text states that the interest rate on the loan is 9%, but this calculation is obviously wrong. Each monthly payment is $ 127$127, so the student will be paying back $ 127 times 12 equals $ 1 comma 524$127×12=$1,524 per year. Therefore, because the principal of the loan is $ 10 comma 000$10,000, the interest rate must be

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A student looking at the timeline for a student loan on page 60 of the text makes the following obse...
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