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Calculate the equivalent interest rate for the following flat rate loan. The amount borrowed is...

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Finance

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Calculate the equivalent interest rate for the following flat rate loan. The amount borrowed is $30,000 and the loan period is five years. The flat (or simple) interest rte is 5% pa. Calculate the monthly repayment rate ignoring any loan fees and charges and then calculate the equivalent interest rate assuming that repayments are made at the end of the month. Note: This pro blem is required to be solved using algebraic annuity present value formulae

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