Question
A loan is to be repaid by monthly installments of $800 for thirty-six months, each paid at the end of the month. The interest contained
A loan is to be repaid by monthly installments of $800 for thirty-six months, each paid at the end of the month. The interest contained in the twelfth payment is $2.81 less than the interest contained in the eleventh payment. Find the effective monthly rate of interest. THE ANSWER IS 15.75169% PLEASE SHOW ALL WORK STEP BY STEP WITH CALCULATIONS! please do not just copy and paste from a previously asked question on chegg because it is wrong. Also please do not give just a link to a solution. Please show all work on here! Thank you!
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The Oxford Handbook Of Hedge Funds
Authors: Douglas Cumming, Sofia Johan, Geoffrey Wood
1st Edition
0198840950, 978-0198840954
