(Estimated time allowance: 10 minutes) You just bought a fancy TV on credit for

$5,000

and the terms of the loan are: 3-year loan for with monthly (end of the month) payments of

$229.02

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\

3%

\

42.58%

\

36%

\

24%

(Estimated time allowance: 10 minutes) You just bought a fancy TV on credit for $5,000 and the terms of the loan are: 3 -year loan for with monthly (end of the month) payments of $229.02 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 1) 3% 2) 42.58% 3) 36% 4) 24%