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Nominal annual rate on the loan

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You have just borrowed $20,000 to buy a new car. The loan agreement calls for 48 monthly payments of $480.78 each to begin one month from today. If the interest is compounded monthly, what is the nominal annual rate on the loan?

Reference no: EM131412758

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Nominal annual rate on the loan : You have just borrowed $20,000 to buy a new car. The loan agreement calls for 48 monthly payments of $480.78 each to begin one month from today. If the interest is compounded monthly, what is the nominal annual rate on the loan?
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