Suppose Community Bank offers to lend you $10,000 for one year at a nominal annual rate of 19.50%,but you must make interest payments at the end of each quarter and then pay off the $10,000 principal amount at the end of the year.What is the effective annual rate on the loan?

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The Answer of Suppose Community Bank offers to lend you $10,000 for one year at a nominal annual rate of 19.50%,but you must make interest payments at the end of each quarter and then pay off the $10,000 principal amount at the end of the year.What is the effective annual rate on the loan?

Suppose Community Bank Offers to Lend You $10,000 for One