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Problem 5-46 EAR of Add-On Interest Loan (LG7, LG8) To borrow $1,550, you are offered an add on interest loan at 8.3 percent with 12

Problem 5-46 EAR of Add-On Interest Loan (LG7, LG8)

To borrow $1,550, you are offered an add on interest loan at 8.3 percent with 12 monthly payments. Compute the 12 equal payments. (Round your answer to 2 decimal places.)

Equal payments

Compute the EAR of the loan. (Do not round intermediate calculations and round your answer to 2 decimal places.)

EAR

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