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You are currently borrowing $12,000 and will repay it in 6 years by making equal payments...

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Finance

You are currently borrowing $12,000 and will repay it in 6 yearsby making equal payments of $620.00, at the end of every threemonths form the date of borrowing. What nominal annual interest areyou paying on your loan?

a. 31.9865%

b. 7.8748%

c. 1.9687%

d. 7.0634%

e. 7.1904%

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Transcribed Image Text

You are currently borrowing $12,000 and will repay it in 6 yearsby making equal payments of $620.00, at the end of every threemonths form the date of borrowing. What nominal annual interest areyou paying on your loan?a. 31.9865%b. 7.8748%c. 1.9687%d. 7.0634%e. 7.1904%

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