You apply for a loan of $151,000 with the following terms: A 7-year loan with semi-annual payments of $14,800 (paid at the end of each period). Based on this information, what is the APR of this loan? (Note: All answers are rounded to two decimals) 4.53% 4.82% 8.42% 9.06% O 8.78%

You apply for a loan of $151,000 with the following terms: A 7-year loan with semi-annual payments of $14,800 (paid at the end of each period). Based on this information, what is the APR of this loan? (Note: All answers are rounded to two decimals) 4.53% 4.82% 8.42% 9.06% O 8.78%

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter19: Lease And Intermediate-term Financing

Section: Chapter Questions

Problem 18P

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Calculating the Return On A Loan

Question

You apply for a loan of $151,000 with the following terms: A 7-year loan with semi-annual
payments of $14,800 (paid at the end of each period). Based on this information, what is the APR
of this loan? (Note: All answers are rounded to two decimals)
4.53%
4.82%
8.42%
9.06%
8.78%

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