A loan of $ 17 comma 823$17,823 was repaid at the end of 16 months. What size repayment check (principal and interest) was written, if a 6.6 %6.6% annual rate of interest was charged?
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To convert the annual interest rate to a monthly interest rate, divide the annual interest rate by 12 (the number of months in a year). Monthly interest rate = 6.6% / 12 = 0.55% Show more…
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