Question
Surinder borrowed $1400.00 and agreed to pay $2758.13 in settlement of the debt in two years, eleven months. What annual nominal rate compounded monthly was
Surinder borrowed $1400.00 and agreed to pay $2758.13 in settlement of the debt in two years, eleven months. What annual nominal rate compounded monthly was charged on thedebt?
The nominal annual rate of interest is
%.
(Round the final answer to four decimal places as needed. Round all intermediate values to six decimal places asneeded.)
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Financial Management for Public, Health and Not-for-Profit Organizations
Authors: Steven A. Finkler, Daniel L. Smith, Thad D. Calabrese, Robert M. Purtell
5th edition
1506326846, 9781506326863, 1506326862, 978-1506326849
