What is the effective rate of interest on installment loan

Reference no: EM13256990

Lewis and Clark Camping Supplies Inc. is borrowing $78,000 from Western State Bank. The total interest is $14,200. The loan will be paid by making equal monthly payments for the next three years.

What is the effective rate of interest on this installment loan?

Reference no: EM13256990

Questions Cloud

Compute the molar mass of the unkown gas : Under the same conditions of temperature and pressure it takes an equal volume of bromine vapor 4.74 min to effuse through the same hole. Calculate the molar mass of the unkown gas and suggest what this gas might be.

How to derive delta of a put option using put-call parity : How to derive the delta of a put option using put-call parity. Please show works. Thanks

Case study of kleener company : Kleener Co acquired a new delivery truck at the beginning of its current fiscal year. The truck cost 26,000 and has an estimated useful life of four years, and an estimated salvage value of 4000.

Prepare journal entries necessary to reflect transactions : Accounts receivable of $138,000 were collected includingaccounts of $40,000 on which 2% sales discounts were allowed. Prepare all journal entries necessary to reflect the transactions above.

What is the effective rate of interest on installment loan : Lewis and Clark Camping Supplies Inc. is borrowing $78,000 from Western State Bank. The total interest is $14,200. The loan will be paid by making equal monthly payments for the next three years.

Utility of the walker and mullins research : The assigned articles for this week contribute an appealing expansion to the utility of the Walker and Mullins research. What are the basic propositions offered?

How to use a mealy model with minimum number of states : Draw a state diagram for a synchronous sequence detector that will detect every occurence of the sequence 111001 in a serially transmitted message of any length. The sequence detector should detect overlapping sequences as well as individual occur..

Discuss what aspects of organizational communication have : Discuss to what extent organizational communication has changed over time: Identify the sources of these changes.

Explain what is the triple point of material x : What is the triple point of material X. Consider melting 3.00 moles of material X at 1.00 atm. Assuming that the melting co-existence curve is a straight line, what is X's normal melting temperature

User Account

All Pages