What is the effective annual interest rate

Reference no: EM13208542

Your credit union is willing to lend you $32,000 for your home remodeling project. You must sign a home equity loan that requires you to make payments of $395.00 at the end of each month for the next 10 years. What is the effective annual interest rate that the credit union offering you, assuming monthly compounding?

Reference no: EM13208542

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