Answer Happy

Posted: **Wed Mar 30, 2022 3:38 pm**

: 1 A Loan Of 12 000 Is To Be Repaid Within One Year With Level Monthly Payments Due At The Beginning Of Each Month Th 1 (235.91 KiB) Viewed 35 times

1 A loan of $ 12,000 is to be repaid within one year with level monthly payments, due at the beginning of each month. The 12 payments equal $ 1,000 each. A finance charge of $ 632 is also due with the first payment. What is the effective annual interest rate on the loan?