Jack repays his loan in 16 level annual installments. The first payment is at the end of the first year. The principal portion of the 9th payment is $65.85 and the interest portion is $22.21. Calculate the effective annual interest rate being paid on the loan.

Answer rating: 100% (QA)

We can calculate the effective annual interest rate EAR using the information provided about the loa... View the full answer