What nominal interest rate is aerotron paying on the loan

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Aerotron Electronics has just bought a used delivery truck for $15,000. The small business paid $1,000 down and financed the rest, with the agreement to pay nothing for the entire 1st year and then to pay $556.83 at the end of each month over years 2, 3, and 4 (first payment is in 13th month). What nominal interest rate is Aerotron paying on the loan? % b. What effective interest rate are they paying? % c. How much of the 14th month’s payment is interest? How much is principal? payment interest = $ , and principal = $ d. How much of the 18th month’s payment is interest? How much is principal? payment interest = $ , and principal = $ e. How much of the 22nd month’s payment is interest? How much is principal? payment interest = $ , and principal = $

Reference no: EM131450845

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