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36. Fairfax Paint just borrowed 51,300 dollars. The terms of the loan require the company to make equal semi-annual payments forever. The first semi-annual payment
36.
Fairfax Paint just borrowed 51,300 dollars. The terms of the loan require the company to make equal semi-annual payments forever. The first semi-annual payment is due in 6 months. If the regular semi-annual loan payment is 4,150 dollars, then what is the EAR of the loan? Answer as a rate in decimal format so that 12.34% would be entered as .1234 and 0.98% would be entered as .0098.
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