Answered: Month-end payments of $1,450 are made…

Month-end payments of $1,450 are made to settle a loan of $123,700 in 8 years. What is the effective interest rate? % Round to two decimal places

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Month-end payments of $1,450 are made to settle a loan of $123,700 in 8 years. What
is the effective interest rate?
%
Round to two decimal places

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