What nominal interest rate is being charged on the loan


Problem

The EZ Credit Company offers to loan a college student $6,000 for school expenses. Repayment of the loan will be in monthly installments of $304.07 for 24 months. The total repayment of money is $7,297.68, which includes the original $6,000, $1,207.04 in interest charges, and $90.64 for a required life insurance policy covering the amount of the loan. Assume monthly compounding of interest. What nominal interest rate is being charged on this loan?

The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.

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Microeconomics: What nominal interest rate is being charged on the loan
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