What nominal interest rate is being charged on this loan

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The Credit Company offers to loan a college student $6200 for school expenses. Repayment of the loan will be in monthly installments of $308.75 for 24 months. The total repayment of money is $7410.00, which includes the original $6200, $1200.96 in interest charges, and $9.04 for a required life insurance policy covering the amount of the loan. Assume monthly compounding of interest. What nominal interest rate is being charged on this loan? The nominal interest rate that is being charged on this loan is ..........% per year?

Reference no: EM13898761

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