To borrow 950 you are offered an add on interest loan at 95, Financial Management

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To borrow 950 you are offered an add on interest loan at 95

To borrow $950, you are offered an add on interest loan at 9.5 percent with 12 monthly payments. Compute the 12 equal payments. (Round your answer to 2 decimal places.) Equal payments $ $83.30 Compute the EAR of the loan. (Do not round intermediate calculations and round your answer to 2 decimal places.) EAR 9.93 %

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Financial Management: To borrow 950 you are offered an add on interest loan at 95

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