Question
*** Please solve this question by hand using annuity formulas and NOT by software or calculator. I will give thumbs up for clear and easy
*** Please solve this question by hand using annuity formulas and NOT by software or calculator. I will give "thumbs up" for clear and easy to follow solution. Thank you!***
*** Please solve this question by hand using annuity formulas and NOT by software or calculator. I will give "thumbs up" for clear and easy to follow solution. Thank you!***
A loan of 1000 is repaid with 12 annual payments of 100 each starting one year after the loan is made. The effective annual in- terest rate is 3.5% for the first 4 years. Find the effective annual interest rate i for the final 8 yearsStep by Step Solution
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Entrepreneurial Finance
Authors: J. Chris Leach, Ronald W. Melicher
7th Edition
0357442040, 978-0357442043
