Question: please solve in the format of: FV (future value) = PV (present value) = PMTvend (end payment) = I/YR (interest rate) = N (periods) =

please solve in the format of: FV (future value) = PV

please solve in the format of:

FV (future value) = PV (present value) = PMTvend (end payment) = I/YR (interest rate) = N (periods) =

51. Calculating EAR (L04) A local finance company quotes an interest rate of 17.1 percent on one-year louns. So, if you borrow $20,000, the interest for the year will be $3,420. Because you must repay a total of $23,420 in one year, the finance company requires you to pay $23,420/12, or $1,951.67. per month over the next 12 months. Is the interest rate on this lexan 17.1 percent? What rate would legally have to he quoted? What is the effective annual rute

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