Question: Hi, I need help with my finance assignment please 3. Lewis and Clark Camping Supplies Inc. is borrowing $36,000 from Westem State Bank The total

Hi, I need help with my finance assignment please 3. Lewis and Clark Camping Supplies Inc. is borrowing $36,000 from Westem State Bank The total interest is $18,000. The loan will be paid by making equal monthly payments for next three years What is the effective rate of interest on this installment loan? (input your answer as a percent rounded to 2 decimal places.) Effective rate of interest
Step by Step Solution
There are 3 Steps involved in it
1 Expert Approved Answer
Step: 1 Unlock
Question Has Been Solved by an Expert!
Get step-by-step solutions from verified subject matter experts
Step: 2 Unlock
Step: 3 Unlock
