I need show work answer on problem 6.28

.27 A promissory note has outstanding payments of $650 at the end of each of the next five market price would be paid for this note by an investor who requires a 12% yield on his compounded quarterly? Ans. $231147 6.28 A loan of $750 is to be repaid in 18 equal monthly installments, computed as follows: Loan Interest at 1% per month for 18 months Credit check and processing fee $750 144 60 $954 Monthly payment: $954118 $53 What (a) nominal and (b) effective annual interest rates are being charged? Ans. (a) 32.15%; (b) 37.34% pe here to search