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A local finance company quotes an interest rate of 17 percent on one-year loans. So, if...

A local finance company quotes an interest rate of 17 percent on one-year loans. So, if you borrow $34,000, the interest for the year will be $5,780. Because you must repay a total of $39,780 in one year, the finance company requires you to pay $39,780/12, or $3,315.00, per month over the next 12 months.

What rate would legally have to be quoted? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)

What is the effective annual rate? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)

Can you please help solve using a financial calculator versus excel?

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FIRST IMAGE : FINANCIAL CALCULATOR, SECOND ONE : EXCEL

jeff jeffy answered 5 months ago
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