You agree to loan your parents $22,000 to buy a new van. They agree to pay you $450 a month for five years. The _________.
A) interest rate on the loan is 0.75% per month
B) APR on the loan is 8.17%
C) EAR on the loan is 8.37%
D) APR on the loan is 8.68%
E) EAR on the loan is 8.70%
Correct Answer:
Verified
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