Problem 8-20 Installment loan for multiyears [LO2] Lewis and Clark Camping Supplies Inc. is borrowing $51,000 from Western State Bank. The total interest is $15,700. The loan will be paid by making equal monthly payments for the next three years What is the effective rate of interest on this installment loan? (Input your answer as a percent rounded to 2 decimal places.) Input variables: $51,000 $15,700 Loan amount Interest Payment frequency Annual number of payments Total number of payments Monthly 12 36 Solution and Explanation: 2 x Annual # of pmts x1nterest (# of total pmts + 1) x Principal Effective rate of interest