Today, you borrowed $15,000 at 4.5% compounded monthly and have agreed to pay off the loan by making equal bi-weekly payments over the next 4 years. Assume you were asked to find the amount of your bi-weekly payment using the annuity present value formula. 

What interest rate would you use in the formula?

Answer rating: 100% (QA)

Given that the loan is compounded monthly the interest rate of ... View the full answer