The Needy Corporation borrowed $ 13000 from Bank Ease. According to the terms of the loan, Needy must pay the bank $ 478 in interest every three months for the three-year life of the loan, with the principal to be repaid at the maturity of the loan. What effective annual rate (EAR) is Needy paying?

Answer rating: 100% (QA)

Using excel First calc... View the full answer