Question: Could you please solve this problem and show your work. I found other answers in Chegg but I need the formula and calculation. Question 8:

Could you please solve this problem and show your work. I found other answers in Chegg but I need the formula and calculation.

Question 8: An oil producer has purchased a pumping unit for $30,000, and the loan is to be paid back in 24 equal monthly installments of $1,771.43 per month. Calculate the nominal interest rate charged for this financing arrangement. Calculate the effective interest rate

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