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Essay Preview: UsaReport this essayBy applying the following formula, the consumershould be able to make his/her own informeddecisions as to what the true interest chargesare, regardless of what the lending institutionhas indicated.The formula isWhere:Interest 2*T*C T = TimeRate = P(N+1) (No. of paymentsin one year)C = Charges2 = a constant used in the (Finance)formula. (This.
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1,000,000Interest Rate NaFollowing FormulaTrue Interest ChargesTrue Interest Cost