What is the nominal annual rate of interest compounded quarterly if a loan of $20,500 is repaid
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Question:
What is the nominal annual rate of interest compounded quarterly if a loan of $20,500 is repaid in
seven years by payments of $1000 made at the end of every three months?
The nominal annual rate of interest is____% compounded quarterly.
(Round to two decimal places as needed.)
Related Book For
Contemporary Business Mathematics with Canadian Applications
ISBN: 978-0133052312
10th edition
Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs
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