Question
The total interest paid was $3,455,854.51. The quarterly installments were $181,861.82. The value of the loan was $2,000,000. The interest rate is not known, but
The total interest paid was $3,455,854.51. The quarterly installments were $181,861.82. The value of the loan was $2,000,000. The interest rate is not known, but you do know the straightforward formula for calculating interest valued in present value annuities. Therefore, in how many years was this loan repaid?
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After several iterations its found that with an interest rate of appr...
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Finite Mathematics and Its Applications
Authors: Larry J. Goldstein, David I. Schneider, Martha J. Siegel, Steven Hair
12th edition
978-0134768588, 9780134437767, 134768582, 134437764, 978-0134768632
