Question
You have borrowed $135,000 from the bank today. You are required to repay this money over the next six years by making monthly payments of
You have borrowed $135,000 from the bank today. You are required to repay this
money over the next six years by making monthly payments of $2,215.10 at the end of
each month. What is the quoted interest rate for the loan (with monthly compounding)?
(please show me all the steps to solve this question without using a financial calculator thanks)
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Foundations of Financial Management
Authors: Stanley Block, Geoffrey Hirt, Bartley Danielsen, Doug Short, Michael Perretta
10th Canadian edition
1259261018, 1259261015, 978-1259024979
