The nominal interest rate on a car loan of $8000 that was compounded semi-annually changed at the
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The nominal interest rate on a car loan of $8000 that was compounded semi-annually changed at the end of one year. If the accumulated balance was $8656 at the end of the first year and $9100.50 at the end of the second year, calculate the nominal interest rates for each year.
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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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