Find the nominal annual interest rate

Reference no: EM13717182

Compute the right answer of the given problem

Problem- An individual is purchasing a $15,000 automobile which is to be paid for in 48 monthly installments of $395.

Part 1- What nominal annual interest rate is being paid for this financing arrangement if interest is compounded monthly?

I need experts help to find the nominal annual interest rate.

Reference no: EM13717182

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