Lewis and clark camping supplies inc is borrowing 78000


Lewis and Clark Camping Supplies Inc. is borrowing $78,000 from Western State Bank. The total interest is $14,200. 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 78000
Reference No:- TGS0595707

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