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Skip Towne goes into Franks Friendly Furniture Sales and purchases a living room set andbedroom suite for $1,950 total. Skip has to make payments of

Skip Towne goes into Franks Friendly Furniture Sales and purchases a living room set andbedroom suite for $1,950 total. Skip has to make payments of $100 per month for 36 months.What EAR is Skip paying to buy his furniture?

a. 36.79%b. 45.35%c. 56.07%d. 68.21%e. None of the above

The correct answer is c. 56.07%. Please show work

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