The Johnson family has been planning a vacation to China for the past two years....
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The Johnson family has been planning a vacation to China for the past two years. Canvas Savings \& Loans agrees to advance a loan of $24,000 to finance the trip provided the Johnsons pay the loan back in 12 equal monthly installments. Canvas will charge an add-on loan rate of 5.5%. What is the amount of each required monthly payment? What is the effective interest rate on this loan? $2,240;11.0%$2,250;11.5%$2,330;14.0%$2,110;12.0%
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