Johnston Bros. purchased a new $11,850 freezer for their seafood shop with a 36-month installment loan. The monthly payments are $417.67 per month.
A)Use the APR formula to calculate the annual percentage rate of the loan. (Round to the nearest hundredth of a percent)
B)Use the APR Table 13-1 from your text to calculate the annual percentage rate of the loan.
Correct Answer:
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