You lend out $1000 and get it back in 12 monthly payments of $87.45 each. The effective interest rate percent you earned on your investment was (Answer in percent to the nearest tenth of a percent and omit the % sign. Be careful if you use Excel that it does not round off to the nearest percent) :
You lend out $1000 and get it back in 12 monthly payments of $87.45 each. The effective interest rate percent you earned on your investment was (Answer in percent to the nearest tenth of a percent and omit the % sign. Be careful if you use Excel that it does not round off to the nearest percent) :
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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You lend out $1000 and get it back in 12 monthly payments of $87.45 each. The effective interest rate percent you earned on your investment was (Answer in percent to the nearest tenth of a percent and omit the % sign. Be careful if you use Excel that it does not round off to the nearest percent) :
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