Question
Consider a loan requiring you to pay $1,000 every other year for 24 years, with the first payment 2 years from now. The bank's quoted
Consider a loan requiring you to pay $1,000 every other year for 24 years, with the first payment 2 years from now. The bank's quoted APR is 12% compounded monthly. What is the interest rate that should be used in the present value calculation?"
| a | 24.00% | |
| b | 12.00% | |
| c | 3.03% | |
| d | 12.68% | |
| e | 26.97% |
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Financial Analysis With Microsoft Excel
Authors: Timothy R. Mayes
9th Edition
0357442059, 9780357442050
