What is the effective rate of interest on installment loan

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Question: Lewis and Clark Camping Supplies Inc. is borrowing $45,000 from Western State Bank. The total interest is $12,000. 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?

Reference no: EM131787768

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What is the effective rate of interest on installment loan : Lewis and Clark Camping Supplies Inc. is borrowing $45,000 from Western State Bank. The total interest is $12,000. The loan will be paid by making equal.

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