Question $20(5$ points$)$

$]$

What is the Effective Annual interest Rate $($EAR$)$ of the following car loan?. The loan

amount is $$22,000.$ This is a seven year loan with monthly $($end of the month$)$

payments of $$730\mathrm{.}71$

$1\%$

$12\mathrm{.}68\%$

$3\mathrm{.}15\%$

$2\mathrm{.}90\%$

$45\mathrm{.}09\%$

$28\mathrm{.}17\%$

$43\mathrm{.}58\%$

$40\mathrm{.}92\%$

$36\mathrm{.}39\%$