(Answered) You need 10000 quick your aunt a rather sharp and

Management Studies

You need $10,000 quick. Your aunt, a rather sharp and financially-sophisticated person, has agreed to lend you the money if you agree to a promissory note and a payment schedule of $500 per month for 36 months. While this seems reasonable - and you think she is less likely to break your leg should you default, you decide to compare it to the Effective Annual Yield (EAY) available from other sources. What is the EAY for this loan?

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