Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

You want to buy a house in 15 years and that will cost you $2 million. Now, you only have $800,000. Find the interest rate

You want to buy a house in 15 years and that will cost you $2 million. Now, you only have $800,000. Find the interest rate that you need to buy the house in 15 years. (Hint: what should r be?) Round off your answer to 4 decimal places (for example, your answer should look like 0.1234 or 12.34%). show your work.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_step_2

Step: 3

blur-text-image_step3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Handbook Of Financing Growth

Authors: Kenneth H. Marks, Larry E. Robbins, Gonzalo Fernandez, John P. Funkhouser, D. L. Williams

2nd Edition

ISBN: 0470390158, 978-0470390153

More Books

Students also viewed these Finance questions

Question

CL I P COL Astro- L(1-cas0) Lsing *A=2 L sin(0/2)

Answered: 1 week ago