What is the effective annual rate on this loan


You have just borrowed $20,000 to buy a new car. The loan agreement calls for 60 monthly payments of $444.89 each to begin one month from today. If the interest is compounded monthly, then what is the effective annual rate on this loan?

Request for Solution File

Ask an Expert for Answer!!
Finance Basics: What is the effective annual rate on this loan
Reference No:- TGS0728681

Expected delivery within 24 Hours