A loan is being amortized with 20 annual payments of principal and interest.The principal repaid in the 13^th payment is $801.45 and the interest portion of the 13^th payment is $698.55.What is the effective annual rate of interest,j₁ being charged on this loan?

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The Answer of A loan is being amortized with 20 annual payments of principal and interest.The principal repaid in the 13^th payment is $801.45 and the interest portion of the 13^th payment is $698.55.What is the effective annual rate of interest,j₁ being charged on this loan?

A Loan Is Being Amortized with 20 Annual Payments of Principal