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How do I calculate the cost of credit figured as a yearly rate?
Total Premium $65156.40, downpayment $16289.10. Amount financed is $48867.30
and the finance charge is $1633.86. The payment amount is $5611.24 and the term is 9 months. The total of all payments is $50501.16. Does anyone know how the cost of credit figured as a yearly rate is determined for a scenario like this. |
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