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You just bought a fancy TV on credit for $5,000 and the terms of the loan are year loan for with monthly (end of the

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You just bought a fancy TV on credit for $5,000 and the terms of the loan are year loan for with monthly (end of the month) payments of $196.30 What is the Effective Annual interest Rate (EAR) of this loan? 1) 2.00% 2) 3,40% 3) 55,5595 9) 3.7596 5) 41.917 5) 41.91% 6) 26.82% 7) 49.36% (8) 56.81% 9) 53.22%

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