a loan of $5,000 can be repaid by payments of $117.38 at the end of each month for n years (that is, 12n payments), starting one month after the loan is made. at the same rate of interest, 12n monthly payments of $113.40 each accumulate to $10,000 one month after the final payment. find the equivalent effective annual rate of interest.

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02-11-2022
Business

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a loan of $5,000 can be repaid by payments of $117.38 at the end of each month for n years (that is, 12n payments), starting one month after the loan is made. at the same rate of interest, 12n monthly payments of $113.40 each accumulate to $10,000 one month after the final payment. find the equivalent effective annual rate of interest.

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