Question
1. You invested $6,000 at the end of each year for 7 years in an investment fund. If the balance in the fund at the
1. You invested $6,000 at the end of each year for 7 years in an investment fund. If the balance in the fund at the end of 7 years was $54,000, what was the nominal interest rate compounded annually?
2. Quarter-end payments of $1,510 are made for 9 years to settle a loan of $38,660. What is the effective interest rate charged on this loan?
3. Quarter-end payments of $1,510 are made for 9 years to settle a loan of $38,660. What is the effective interest rate charged on this loan?
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Security And Loss Prevention An Introduction
Authors: Philip Purpura CPP Florence Darlington Technical College
7th Edition
0128117958, 9780128117958
