Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Your father loans you $12,000 to make it through your senior year. His repayment schedule requires payments of $1,401.95 at the end of year for
Your father loans you $12,000 to make it through your senior year. His repayment schedule requires payments of $1,401.95 at the end of year for the next 15 years.
What interest rate is he charging you? A) 7.5% B) 8.0% C) 7.0% D) 8.5%
Please show work and formula used. Thank you so much!
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started