A loan of $15,000 is to be financed to assist in buying an automobile On the basis of monthly compounding for 42 months, the end of the month equal payment is quoted as $409 61 What nominal interest rate in percentage is being charged ...

A loan of $15,000 is to be financed to assist in buying an automobile. On the basis

Question:

A loan of $15,000 is to be financed to assist in buying an automobile. On the basis of monthly for 42 months, the end-of-the-month equal payment is quoted as $409.61. What nominal interest rate in percentage is being charged?
Compounding
Compounding is the process in which an asset's earnings, from either capital gains or interest, are reinvested to generate additional earnings over time. This growth, calculated using exponential functions, occurs because the investment will...