67 210
Assignments Done
99,3%
Successfully Done
In November 2018

Answer to Question #74 in Finance for sha26ron@hotmail.com

Question #74
What is the effective monthly rate over 7.3 years on a loan whose compound monthly rate is 5.475%?
Expert's answer
You have to calculate your compound interest rate for 7.3 years. Then you have to divide it on number of months (7.3*12). So correct answer is:
[(1+0,05475)^(7.3*12)]/(7.3*12) = 0,217 (or 21,7%)

Need a fast expert's response?

Submit order

and get a quick answer at the best price

for any assignment or question with DETAILED EXPLANATIONS!

Comments

No comments. Be first!

Leave a comment

Ask Your question

Submit
Privacy policy Terms and Conditions