Anne Harrison borrowed $900 from her uncle to pay off her credit card bill. Anne agreed to repay the principal in three monthly installments of $300 each. Anne's uncle charged interest of 0.75% (monthly rate) on the unpaid balance each month. Complete Anne's loan payment schedule. Then, use Anne's loan payment schedule to solve the effective rate problem.

Question

Anne Harrison borrowed $900 from her uncle to pay off her credit card bill. Anne agreed to repay the principal in three monthly installments of $300 each. Anne's uncle charged interest of 0.75% (monthly rate) on the unpaid balance each month. Complete Anne's loan payment schedule. Then, use Anne's loan payment schedule to solve the effective rate problem.
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Quizplus · Accepted Answer

The Answer of Anne Harrison borrowed $900 from her uncle to pay off her credit card bill. Anne agreed to repay the principal in three monthly installments of $300 each. Anne's uncle charged interest of 0.75% (monthly rate) on the unpaid balance each month. Complete Anne's loan payment schedule. Then, use Anne's loan payment schedule to solve the effective rate problem.
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Anne Harrison Borrowed $900 from Her Uncle to Pay Off