determing effective annual interest rate on 10% $8000 loan

[interesthelp]

(1+.10/48)^48-1

is this the correct formula to find the effective annual interest rate on a 10 percent 8,000 dollar loan over 48 months?

 

[Denis]

No.
(1 + .10/12)^12 - 1 : gives ~.1047 or ~10.47%
Amount and term don't matter.