A loan of $190,000 was settled in seven years with payments of $8000 at the end of
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A loan of $190,000 was settled in seven years with payments of $8000 at the end of every three months.
a. What nominal interest rate compounded monthly was charged on the loan?
b. At this rate (use the full un-rounded interest rate), what month-end payments would have settled the loan in five years?
AppendixLO1
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Related Book For
Mathematics Of Business And Finance
ISBN: 9781927737545
4th Edition
Authors: Larry Daisley, Thambyrajah Kugathasan, Diane Huysmans
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