A local finance company quotes an interest rate of 156, Financial Management

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A local finance company quotes an interest rate of 156

A local finance company quotes an interest rate of 15.6 percent on one-year loans. So, if you borrow $36,000, the interest for the year will be $5,616. Because you must repay a total of $41,616 in one year, the finance company requires you to pay $41,616/12, or $3,468.00 per month over the next 12 months.

Is the interest rate on this loan 15.6 percent?

What rate would legally have to be quoted?

What is the effective annual rate?

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Financial Management: A local finance company quotes an interest rate of 156

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Financial Management: A local finance company quotes an interest rate of 156

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