Red Lizard Construction just borrowed $53,300.00. The terms of the loan require the company to make equal monthly paymen

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Red Lizard Construction Just Borrowed 53 300 00 The Terms Of The Loan Require The Company To Make Equal Monthly Paymen 1 (29.87 KiB) Viewed 24 times

Red Lizard Construction just borrowed $53,300.00. The terms of the loan require the company to make equal monthly payments forever. The first monthly payment is due in 1 month. If the regular monthly loan payment is $540.00, then what is the EAR of the loan? O A rate equal to or greater than 12.51% but less than 13.21% A rate equal to or greater than 11.72% but less than 12.51% A rate equal to or greater than 9.88% but less than 10.95% A rate less than 9.88% or a rate greater than 13.21% A rate equal to or greater than 10.95% but less than 11.72%