What is the effective annual interest rate ear on loan


Ralph Renner just borrowed $30,000 to pay for a new sports car. He took out a 60 month loan and his car payments are $761.80 per month. What is the effective annual interest rate (EAR) on Ralph's loan?

Solution Preview :

Prepared by a verified Expert
Finance Basics: What is the effective annual interest rate ear on loan
Reference No:- TGS0559185

Now Priced at $5 (50% Discount)

Recommended (93%)

Rated (4.5/5)