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Home Q & A Board Science-Related Homework Help Mathematics
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biancawoods biancawoods
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3 months ago
No payments were made on a $2,598 loan during its three-year term. What was the annually compounded nominal interest rate on the loan, if the amount owed at the end of the term was $3,398.95?

▸ 9.37% compounded annually

▸ 6.37% compounded annually

▸ 9.73% compounded annually

▸ 8.37% compounded annually

▸ 9.37% compounded semiannually
Textbook 
Business Mathematics in Canada

Business Mathematics in Canada


Edition: 11th
Authors:
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marksonbolmarksonbol
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9.37% compounded annually
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Anonymous
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#2
3 months ago
Help! The answer is missing an explanation...
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Educator
3 months ago
Updated the answer with the solution!
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