Tyler received a total of $4,000 as loans from his aunt Meagan. After two years, Tyler paid $2,000 towards the earned dividends and partial principal. He also paid a total of $3,500 at the end of eight years to spend on the loan. The dividend rate for the first six years was 4% compounded annually and a slightly more elevated rate for the 7th and 8th years. What was the interest rate?
Tyler received a total of $4,000 as loans from his aunt Meagan. After two years, Tyler paid $2,000 towards the earned dividends and partial principal. He also paid a total of $3,500 at the end of eight years to spend on the loan. The dividend rate for the first six years was 4% compounded annually and a slightly more elevated rate for the 7th and 8th years. What was the interest rate?
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
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Tyler received a total of $4,000 as loans from his aunt Meagan. After two years, Tyler paid $2,000 towards the earned dividends and partial principal. He also paid a total of $3,500 at the end of eight years to spend on the loan. The
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