A loan that you took out from your bank requires monthly pay…
A loan that you took out from your bank requires monthly payments of $1000 for 24 months. The payments are to be made at the end of each month. If the initial loan amount is $20,000, what is the EAR on the loan? Enter your answer below as a percentage, but without the “%” symbol. Round the results up to the second decimal. For instance, if the result is 0.123456, enter it as 12.35 (NOT 12.35%). Answer: