Find the nominal interest rate

/in /by

Economy

To purchase a used automobile, $6,000 is borrowed immediately. The repayment schedule;e requires equal monthly payments of $264.72 to be made over the next 24 months. After the last payment is made any remaining balance on the loan will be paid in a single lump sum. The effective annual rate of interest on this loan is 19.56% based on monthly compounding. Find the nominal interest rate and the lump sum paid at the end of the loan.

Please answer in detail, and include cash flow diagram

 

 

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