You obtained a loan of $20,000 to finance an automobile Based on monthly compounding over 36 months, the end of the month equal payment was figured to be $650 52 What APR was used for this loan ...

You obtained a loan of $20,000 to finance an automobile. Based on monthly compounding over 36 months,

Question:

You obtained a loan of $20,000 to finance an automobile. Based on monthly over 36 months, the end-of-the-month equal payment was figured to be $650.52. What APR was used for this loan?
Compounding
Compounding is the process in which an asset's earnings, from either capital gains or interest, are reinvested to generate additional earnings over time. This growth, calculated using exponential functions, occurs because the investment will...