4. Mr. Lytle applied for a loan to have his kitchen restored after his coffee machine...

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4. Mr. Lytle applied for a loan to have his kitchen restored after his coffee machine blew up. The contractors hired cost a$13,700. Mr. Lytle had $7,000 to pay towards the restoration but had to receive a loan for the remaining amount. Mr. Lytle paid it off in four years with payments of $175 made at the end of each month. What was the annual rate of interest if the interest was compounded quarterly? N 1% PV PMT FV PY CY PMT: END BEGIN Value 4. Mr. Lytle applied for a loan to have his kitchen restored after his coffee machine blew up. The contractors hired cost a$13,700. Mr. Lytle had $7,000 to pay towards the restoration but had to receive a loan for the remaining amount. Mr. Lytle paid it off in four years with payments of $175 made at the end of each month. What was the annual rate of interest if the interest was compounded quarterly? N 1% PV PMT FV PY CY PMT: END BEGIN Value

Answer rating: 100% (QA)

Given PV 6700 PMT 175 FV 0 PY 4 CY 12 We need to find the annual interest rate We can use the formul... View the full answer