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Hillier Hillier
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6 years ago
Note: The calculations for this question were done using Excel's RATE function.
Compute the nominal annual rate of interest on a loan of $67 000.00 repaid in semi-annual installments of $6540.00 in 11.5 years.
Textbook 
Contemporary Business Mathematics with Canadian Applications

Contemporary Business Mathematics with Canadian Applications


Edition: 11th
Authors:
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wrote...
6 years ago
Nper 23
Pmt -6540.00
PV 67000.00
Result 0.0815144
The nominal annual rate is 8.15144% × 2 = 16.30288%
Hillier Author
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5 years ago
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