Lewis and Clark Camping Supplies Inc. is borrowing $42,000 from Western State Bank. The total interest is $17,500. 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

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Lewis and Clark Camping Supplies Inc. is borrowing $42,000 from Western State Bank. The total interest is $17,500. 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

Lewis and Clark Camping Supplies Inc. is borrowing $42,000 from Western State Bank. The total interest is $17,500. 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.)

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3 B 1 Principal 2 Total interest 3 Nper 4 payment 5 PV 6 FV 7 Rate 8 Effective rate of interest $96,000.00 $ 14,200.00 36 306 B 2 3 B C с 1 Principal $96,000.00 2 Total interest $14,200.00 Nper =3*12 4 payment =(C1+C2)C3 5 PV =C1 6 FV 0 Rate =RATE(C3,

answered by: ANURANJAN SARSAM

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Lewis and Clark Camping Supplies Inc. is borrowing $42,000 from Western State Bank. The total interest is $17,500. 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

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Lewis and Clark Camping Supplies Inc. is borrowing $42,000 from Western State Bank. The total interest is $17,500. 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

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Lewis and Clark Camping Supplies Inc. is borrowing $54,000 from Western State Bank. The total interest...

Lewis and Clark Camping Supplies Inc. is borrowing $42,000 from Western State Bank. The total interest is $17,500. 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

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Add Answer to: Lewis and Clark Camping Supplies Inc. is borrowing $42,000 from Western State Bank. The total interest is $17,500. 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

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Lewis and Clark Camping Supplies Inc. is borrowing $54,000 from Western State Bank. The total interest...

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Lewis and Clark Camping Supplies Inc. is borrowing $42,000 from Western State Bank. The total interest is $17,500. 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