Question: ANSWER IS INCORRECT. Please show your work so I know what I did wrong. I will only give a thumbs up if work is shown.

ANSWER IS INCORRECT. Please show your work so I know what

ANSWER IS INCORRECT. Please show your work so I know what I did wrong. I will only give a thumbs up if work is shown. Answer can be solved using formula, Excel, or a financial calculator. Thank you!

11. You took out a loan with an effective annual interest rate of 15 percent. What is the equivalent 18-month interest rate on this loan? Note: I don't want the APR, I want the EPR (the actual interest rate charged over 18 months). EAR or NOM = 15% tor N= 18 months I or I/Y= ? PY = payment intervals EPR = (EAR + 1)1/PY/ - 1 (whole thing) (# of payments) = (15% + 1)1 / 1.5 1 = 9.77%

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