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A cooperative is providing a loan of $12,000 to be paid back over 36 months at a 17% monthly interest rate. Using the declining balance method, the monthly payment is calculated as follows: The initial monthly payment includes $333.33 for principal and $204 for interest, totaling $537.33. This payment declines each month as both the balance and interest owed decreases. The total interest paid on the loan is $3,774.04, and the effective annual interest rate is 31%.

Author

Marcelo Benavides

Language

EN