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ikrabbe ikrabbe
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6 years ago
Calculate the nominal interest rate of interest compounded quarterly if a loan of 43 000.00 is repaid in seven years by payments of $4000.00 made at the end of every six months.
Textbook 
Contemporary Business Mathematics with Canadian Applications

Contemporary Business Mathematics with Canadian Applications


Edition: 11th
Authors:
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wrote...
6 years ago
PV = 43 000.00; PMT = 4000.00; n = 7(2) = 14; P/Y = 2; C/Y = 4
Programmed solution:
   
The rate is 7.40% p.a. compounded quarterly.
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