What is the nominal annual rate of interest compounded quarterly if a loan of $21 500 is

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What is the nominal annual rate of interest compounded quarterly if a loan of $21 500 is repaid in seven years by payments of $1000 made at the end of every three months?

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Contemporary Business Mathematics with Canadian Applications

ISBN: 978-0133052312

10th edition

Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs

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Question Posted: Feb 26, 2016 03:57 AM

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What is the nominal annual rate of interest compounded quarterly if a loan of $21 500 is

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PV n 21 50000 PMT 100000 n ...View the full answer

Contemporary Business Mathematics with Canadian Applications

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