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?

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Mathematics Of Business And Finance

ISBN: 9781927737545

4th Edition

Authors: Larry Daisley, Thambyrajah Kugathasan, Diane Huysmans

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