John borrowed $12,000 to buy a new car and expects to pay $564.87 per month for the next 2 years to pay off the loan. What is the loan's rate of interest?

What will be an ideal response?

Using Financial Calculator: PV=12000, FV=0, N=24, PMT=-564.87, CPT I: 0.9998 x 12=12%

Business

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