You borrow $16000 from your friend. Your friend asks you to

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You borrow $16000 from your friend. Your friend asks you to

You borrow $16,000 from your friend. Your friend asks you to pay $421.34 every month for the next 4 years. What is the interest rate on this loan

1. type of problem.

2. Write formula identifying the rate and term in the factor.

3. Solve with a complete formula.

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You borrow $16000 from your friend. Your friend asks you to