What nominal interest rate in percentage is being charged

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Question: A loan of $15,000 is to be financed to assist in buying an automobile. On the basis of monthly compounding for 42 months, the end-of-the-month equal payment is quoted as $409.61. What nominal interest rate in percentage is being charged? The response must be typed, single spaced, must be in times new roman font (size 12) and must follow the APA format.

Reference no: EM131796616

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