Assignment:
Lewis and Clark Camping Supplies Inc. is borrowing $45,000 from Western State Bank. The total interest is $12,000. The loan will be paid by making equal monthly payments for the next three years. What is the effective rate of interest on this installment loan?
Your answer must be, typed, double-spaced, Times New Roman font (size 12), one-inch margins on all sides, APA format and also include references.Provide step by step solutions for the above question