What is the effective monthly rate over 7.3 years on a loan whose compound monthly rate is 5.475%?
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Expert's answer
2010-05-12T05:49:56-0400
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%)
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