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Patrick takes 2000$ from his brother Jacob and he will pay him the money back...

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Finance

Patrick takes 2000$ from his brother Jacob and he will pay him the money back after 12 months with a monthly payment of 176.45$.

Find the effective interest rate for the following:

1. continues interest rate?

2. annual interest rate?

3. every 2 weeks?

Show work please

Answer & Explanation Solved by verified expert
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