1. The interest rate charged on a loan of $85,000 is 7.75% compounded annually. If the loan...
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Question:
- 1. The interest rate charged on a loan of $85,000 is 7.75% compounded annually. If the loan is to be paid off over seven years, calculate the size of the annual payments.
- 2. A $10,000 debt is repaid by payments of $800 at the end of each quarter for five years. What semiannually compounded nominal interest rate was charged on the loan?
Related Book For
Intermediate Accounting
ISBN: 978-0077400163
6th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
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