What nominal interest rate is being charged on this loan

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Reference no: EM131007974

The EZ Credit Company offers to loan a college student $5500 for school expenses. Repayment of the loan will be in monthly installments of $237.57 for 30 months. The total repayment of money is $7,127.10, which includes the original $5500, $1,248.45 in interest charges, and $378.65for a required life insurance policy covering the amount of the loan. Assume monthly compounding of interest. What nominal interest rate is being charged on this loan?

Reference no: EM131007974

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What nominal interest rate is being charged on this loan : The EZ Credit Company offers to loan a college student $5500 for school expenses. Repayment of the loan will be in monthly installments of $237.57 for 30 months. The total repayment of money is $7,127.10, which includes the original $5500, $1,248.45 ..

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