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Malcolm is offered a loan of $20,200 that requires 60 monthly payments of $427.21. What is...

Malcolm is offered a loan of $20,200 that requires 60 monthly payments of $427.21.

What is the effective annual interest rate on this loan? (Round intermediate calculations to 5 decimal places, e.g. 5.12534% and final answer to 2 decimal places, e.g. 25.12%.)

What would the quoted rate be? (Round answer to 2 decimal places, e.g. 25.12%. Do not round your intermediate calculations.)

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SEE THE IMAGE. ANY DOUBTS, FEEL FREE TO ASK. THUMBS UP PLEASE

00:54 11 ENG Q 99+ 31-07-2020 28 HE184 . HC HD HE HE HG HH HI HJ HK HL 165 166 167 168 169 170 171 20200 LOAN NO OF MONTHS PM

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