Question
Please show work how to calculate the problem below: You just bought a boat on credit for $30,000 and the terms of the loan are:
Please show work how to calculate the problem below:
You just bought a boat on credit for $30,000 and the terms of the loan are: 5-year loan for with monthly (end of the month) payments of $863.04 What is the Effective Annual interest Rate (EAR) of this loan?
A. 26.82%
B. 12.68%
C. 2%
D. 24%
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Essential Mathematics For Economic Analysis
Authors: Knut Sydsaeter, Peter Hammond, Arne Strom
4th Edition
0273760688, 9780273760689
