Hi guys, so this is the question; An individual approaches the Ajax Loan Company

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Hi guys, so this is the question; An individual approaches the Ajax Loan Company for $1000 to berepaid in 24 Montlhly installments.The agency advertises aninterest rate of 1.5% per month. They proceed to calculate amonthly payment in the following manner: Accountrequested      $1000 CreditInvestigation      $25 Credit risk insurance     $5 Total                           $1030 Interest                     (1030)(24)(0.015)= $371 Totalowed               1030+371 = $1401 Monthly payment      1401/24 =$58.50 What is the effective annual interest rate is the personpaying if he is leaving Ajax with $1000 cash? Hi guys, so this is the question; An individual approaches the Ajax Loan Company for $1000 to berepaid in 24 Montlhly installments.The agency advertises aninterest rate of 1.5% per month. They proceed to calculate amonthly payment in the following manner: Accountrequested      $1000 CreditInvestigation      $25 Credit risk insurance     $5 Total                           $1030 Interest                     (1030)(24)(0.015)= $371 Totalowed               1030+371 = $1401 Monthly payment      1401/24 =$58.50 What is the effective annual interest rate is the personpaying if he is leaving Ajax with $1000 cash?

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Anyone can help? lol

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