Question: explain with steps no excel work required provide complete solution step by step You have loaned Mr. Brown $1,000 on the condition that he repay
You have loaned Mr. Brown $1,000 on the condition that he repay you in fen equal annual installments at a 4% annual effective rate of interest. The fifth installment is now due. You and Mr. Brown agree that for $525 in addition to the fifth installment, the loan will be paid off. What is your yield rate? A. Less than 3.4% B. At least 3.4% but less than 3.5% C. At least 3.5% but less than 3.6% D. At least 3.6% but less than 3.7% E. 3.7% or more
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