As an employee fringe benefit, Keenan Holte loaned $6,000 to one of his employees. The employee was required to repay the principal in four monthly installments of $1,500 each. In addition, Keenan charged a small amount of interest each month 1/4% (monthly rate) of the unpaid balance. Complete the loan payment schedule. Then, use Keenan's loan payment schedule to solve the effective rate problem.

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As an employee fringe benefit, Keenan Holte loaned $6,000 to one of his employees. The employee was required to repay the principal in four monthly installments of $1,500 each. In addition, Keenan charged a small amount of interest each month 1/4% (monthly rate) of the unpaid balance. Complete the loan payment schedule. Then, use Keenan's loan payment schedule to solve the effective rate problem.
As an employee fringe benefit, Keenan Holte loaned $6,000 to one of his employees. The employee was required to repay the principal in four monthly installments of $1,500 each. In addition, Keenan charged a small amount of interest each month 1/4% (monthly rate) of the unpaid balance. Complete the loan payment schedule. Then, use Keenan's loan payment schedule to solve the effective rate problem.

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