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Today, you borrowed $15,000 at 4.5% compounded monthly and have agreed to pay off the loan by making equal bi-weekly payments over the next 4
Today, you borrowed $15,000 at 4.5% compounded monthly and have agreed to pay off the loan by making equal bi-weekly payments over the next 4 years. Assume you were asked to find the amount of your bi-weekly payment using the annuity present value formula. What interest rate would you use in the formula?
Do not round intermediate calculations. Round the final answer to 2 decimal places. Omit the % sign in your response. For example, an answer of 16.29% should be entered as 16.29
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