1.If $961.00 accumulates t o$1185.89 in two years six months compounded quarterly what is the effective annual rate of interest ? the effective annual rate of interest is ?

2.A car was purchaed for $1040 down and payments of $279 at the end of each month for six years interest 5% compounded annually what was the purchase price of the car how much interest will be paid

the purchase of the car was?

the amount of interest that will be paid is ?

Answer rating: 100% (QA)

1 To find the effective annual rate of interest we can use the formula A P1 rnnt Where A Final amoun... View the full answer