Question
A contractor borrows $20000 at 8% compounded quarterly. He wishes to repay the money with 16 equal semiannual installments. What is the effective semiannually inerest
A contractor borrows $20000 at 8% compounded quarterly. He wishes to repay the money with 16 equal semiannual installments.
What is the effective semiannually inerest rate? put the rate as a number "1.00" Not "1.00%", NOT "0.01"
Answer for part 1
What must be the size of the payment if the first payment is made 1 year after obtaining the $20000?
Answer for part 2
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The Economics Of Money Banking And Financial Markets
Authors: Frederic S. Mishkin
12th Global Edition
1292268859, 978-1292268859
