Find the nominal interest rate and the lump sum paid

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To purchase a used automobile, $6,000 is borrowed immediately. The repayment schedule;e requires equal monthly payments of $264.72 to be made over the next 24 months. After the last payment is made any remaining balance on the loan will be paid in a single lump sum. The effective annual rate of interest on this loan is 19.56% based on monthly compounding. Find the nominal interest rate and the lump sum paid at the end of the loan.

Please answer in detail, and include cash flow diagram

Reference no: EM131999395

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