Lewis and clark camping supplies inc is borrowing 45000, Finance Basics

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Lewis and clark camping supplies inc is borrowing 45000

Question: Lewis and Clark Camping Supplies Inc. is borrowing $45,000 from Western State Bank. The total interest is $12,000. The loan will be paid by making equal monthly payments for the next three years. What is the effective rate of interest on this installment loan?

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Finance Basics: Lewis and clark camping supplies inc is borrowing 45000

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