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You just received a loan from your banker to buy seed and plant your alfalfa field- The loan is a discount loan and is for $5,000 for 1 year and the quoted rate was 10%- What is your APR?

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What Is Consumer Debt?

Consumer debt consists of personal debts that are owed as a result of purchasing goods that are used for individual or household consumption. Credit card debt, student loans, auto loans, mortgages, and payday loans are all examples of consumer debt.
 


You just received a loan from your banker to buy seed and plant your alfalfa field- The loan is a discount loan and is for $5,000 for 1 year and the quoted rate was 10%- What is your APR?






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