Question
A bank makes a loan to a local business of $125,000. The loan officer tells the bank CFO that the loan will be paid back
A bank makes a loan to a local business of $125,000. The loan officer tells the bank CFO that the loan will be paid back in five years and provides the bank with a single lump sum payment of $185,743.42. If the interest is compounded monthly, what is the annual interest rate or APR on the loan?
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Money Locates You
Authors: Joan Ekobena
1st Edition
1774821257, 978-1774821251
