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As an employee fringe benefit, Keenan Holte loaned $6,000 to one of his employees. The employee was ...

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As an employee fringe benefit, Keenan Holte loaned $6,000 to one of his employees. The employee was ...

As an employee fringe benefit, Keenan Holte loaned $6,000 to one of his employees. The employee was required to repay the principal in four monthly installments of $1,500 each. In addition, Keenan charged a small amount of interest each month - 1/4%(monthly rate) of the unpaid balance. Complete the loan payment schedule. Then use Keenan's loan payment schedule to solve the effective rate problem.

		Unpaid	Interest	Principal	Total	New
	Month	Balance	Payment	Payment	Payment	Balance
a.	1	______	______	$1,500	______	______
b.	2	______	______	$1,500	______	______
c.	3	______	______	$1,500	______	______
d.	4	______	______	$1,500	______	______
		---------	---------
	Total	______	______

e.	Compute the effective annual interest rate in the loan agreement by using



	where P is the average principal over the 4-month period, I is the total amount of interest, and T is 4/12 year.

Textbook

Contemporary Business Mathematics for Colleges

Edition: 16^th

Authors: Deitz, Southam

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