What nominal annual rate of interest was charged on a loan of $5600 repaid in end- of-month

Question:

What nominal annual rate of interest was charged on a loan of $5600 repaid in end- of-month installments of $121.85 in four-and- a-half years?
Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Contemporary Business Mathematics with Canadian Applications

ISBN: 978-0133052312

10th edition

Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs

Question Posted: