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An amortized asset backed security (ABS) has 7 years to maturity, pays $350 monthly and recently sold for $25,953.90. What is the APR QUOTED RATE
An amortized asset backed security (ABS) has 7 years to maturity, pays $350 monthly and recently sold for $25,953.90. What is the APR QUOTED RATE and what is the duration (in years) of this instrument?
3.6% APR compounded monthly and the duration is ~6.07
3.6623% APR compounded monthly and the duration is ~6.07
3.622% APR compounded monthly and the duration is ~3.395
3.12% APR compounded monthly and the duration is ~3.395
3.6612% APR compounded monthly and the duration cannot be computed with the information provided
please show work
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