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mmi mmi
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A year ago
Billy North loaned $2,250 to his former college roommate, Jerold Weinsted. Jerold agreed to repay the principal in three monthly installments of $750 each. Billy charged interest at 0.5% (monthly rate) on the unpaid balance each month. Complete the North-Weinsted loan payment schedule. Then use the North-Weinsted loan payment schedule to solve the effective rate problem.

  UnpaidInterestPrincipalTotalNew
 
Month
BalancePaymentPaymentPaymentBalance
a.
1
____________$750____________
b.
2
____________$750____________
c.
3
____________$750____________
  ------------------   
 Total____________   
  
d.Compute the effective annual interest rate in the North-Weinsted loan agreement by using
  
 pr019-1.jpg
  
 where P is the average principal over the 3-month period, I is the total amount of interest, and T is 3/12 year.
Textbook 
Contemporary Business Mathematics for Colleges

Contemporary Business Mathematics for Colleges


Edition: 16th
Authors:
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pipi123pipi123
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A year ago
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