Mathematics, 07.02.2022 20:30 deadman76751

Emma has taken out a loan of $ 2,000. She pays $ 11,000 a month. This amount only covers the interest on her loan, so she continues to owe the bank $ 2,000,000. What is the simple annual interest rate? After paying a monthly installment of $ 11,000 for 20 years, she repays the loan. How many dollars has she paid in 20 years?

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Emma has taken out a loan of $ 2,000. She pays $ 11,000 a month. This amount only covers the interes...