please show calculations and my answers are wrong thanks On August 1, 2010, Chri

Question

please show calculations and my answers are wrong thanks

On August 1, 2010, Christy Co. treasurer signed a note promising to pay $122,100 on December 31, 2010. The proceeds of the note were $116,400.

Calculate the effective interest rate (APR) on the loan. (Round your answer to 1 decimal place.Omit the "%" sign in your response.)

please show calculations and my answers are wrong thanks

On August 1, 2010, Christy Co. treasurer signed a note promising to pay $122,100 on December 31, 2010. The proceeds of the note were $116,400.

Explanation / Answer

116400*(1+r/12)^5 = 122100 ;

r = 11.5289 %

EAR = (1+ r/12)^12 - 1 = 12.158 %

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