Calculation of Effective Annual Rate of a Loan Payment

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Question

Iggie's Used Cars will sell you a 2002 Suzuki Aerio for $3,000 with no money down. You agree to make weekly payments of $40 for two years, beginning one week after you buy the car. What is the EAR of this loan?

Summary

This question belongs to accounting and discusses about calculation of effective annual rate of a loan payment.

Total word count: 61

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