Question: please do not solve in excel and instead do by hand and show each step. 12. A loan of $5,000 can be repaid by payments

please do not solve in excel and instead do by hand and show each step.

please do not solve in excel and instead do by hand and

12. A loan of $5,000 can be repaid by payments of $117.38 at the end of each month for n years (that is, 12n payments), starting one month after the loan is made. At the same rate of interest, 12n monthly payments of $113.40 each accumulate to $10,000 one month after the final payment. Find the equivalent effective annual rate of interest

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