Picabo borrows 1000 to repay the amount she makes 12 equal
Picabo borrows $1,000. To repay the amount she makes 12 equal monthly payments of $90.30. Determine the following:(a) The effective monthly interest rate(b) The nominal annual interest rate(c) The effective annual interest rate
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Picabo borrows $1,000. To repay the amount she makes 12 equal monthly payments of $90.30. Determine the following: (a) The effective monthly interest rate (b) The nominal annual interest rate
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You are taking a $2000 loan. You will pay it back in four equal payments, paid every 6 months starting 3 years from now. The interest rate is 6% compounded semiannually. Calculate: (a) The effective interest rate, based on both semiannual and conti
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