What is the ear on loan, So in total you would pay him

What is the ear on loan

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You want to borrow $2,000 from your brother. He says if he charged you 7.2% that would be interest of $144 for the year. So in total you would pay him $2,144. So he tells you that you can pay $2,144/12 = 178.67 per month for 12 months that would be fine with him. What is the EAR on this loan?

Reference no: EM13971308

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What is the ear on loan : So in total you would pay him $2,144. So he tells you that you can pay $2,144/12 = 178.67 per month for 12 months that would be fine with him. What is the EAR on this loan?

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