Cheong Ngo borrows $4000 from a bank that advertises a 7% simple interest rate and repays the loan in five equal monthly payments. Estimate the APR. Round to the nearest 10th of a percent. Use the approximate annual percentage rate formula.

Cheong Ngo borrows $4000 from a bank that advertises a 7% simple interest rate and repays the loan in five equal monthly payments. Estimate the APR. Round to the nearest 10th of a percent. Use the approximate annual percentage rate formula.

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 22PROB

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