Problem 18- If you borrow $4,000 at $500 interest for one year, what is your effective interest rate for the following rate for the following payment plans? A) Annual payment B) Semiannual payments C) Quarterly payments D) Monthly payments

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June 6, 2019

Problem 18- If you borrow $4,000 at $500 interest for one year, what is your effective interest rate for the following rate for the following payment plans? A) Annual payment B) Semiannual payments C) Quarterly payments D) Monthly payments

Any help you can give would be appreciated
 

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