Problem
E.Z. Money, who owns a chain of nightclubs, needs to borrow $20,000 to remodel the local dive. Imam Shark offers to loan the $20,000 to Money for 24 months. Money must make monthly payments of $1118. Determine the loan's (a) monthly interest rate and (b) effective annual interest rate.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.