a) Quarter-end payments of $1,430 are made to settle a loan of $41,800 in 10 years. What is the effective interest rate? % =? Round
a)
Quarter-end payments of $1,430 are made to settle a loan of $41,800 in 10 years. What is the effective interest rate?
% =?
Round to two decimal places
b)
Monica leased equipment worth $30,000 for 7 years. If the cost of borrowing is 7.11% compounded quarterly, calculate the size of the lease payment that is required to be made at the beginning of each quarter.
Round to the nearest cent
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Authors: Michael R. Kinney, Jenice Prather-Kinsey, Cecily A. Raiborn
6th Edition
0324235011, 978-0324235012
