What nominal annual rate of interest was charged on a loan of $5600 repaid in end- of-month

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What nominal annual rate of interest was charged on a loan of $5600 repaid in end- of-month installments of $121.85 in four-and- a-half years?

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Contemporary Business Mathematics with Canadian Applications

ISBN: 978-0133052312

10th edition

Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs

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Question Posted: Sep 21, 2024 05:20 AM

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What nominal annual rate of interest was charged on a loan of $5600 repaid in end- of-month installments of $121.85 in four-and- a-half years?
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What nominal annual rate of interest was charged on a loan of $5600 repaid in end- of-month

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Contemporary Business Mathematics with Canadian Applications

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