$($Estimated time allowance: $10$ minutes$)$ You just bought a fancy TV on credit for $$5,000$ and the terms of the loan are: $4-$year loan for with monthly $($end of the month$)$ payments of $$197\mathrm{.}89$ What is the Effective Annual Rate $($EAR$)$ of this loan? You can use a financial calculator or PV tables: Click here for opening PV tables excel file