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Juliana Paid Off a $90 000 Debt in 50 Months

Question 49

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Juliana paid off a $90 000 debt in 50 months. She paid $3 000 per month and at the end of the first year made an extra payment of $6 000, What interest rate was she charged?

Correct Answer:

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90 000 = 3000(P/A, i, 50)+ 6000(P/F, i, ...

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