× Didn't find what you were looking for? Ask a question
Top Posters
Since Sunday
Home Q & A Board Science-Related Homework Help Mathematics
New Topic  
Hillier Hillier
wrote...
Posts: 550
Rep: 5 0
6 years ago
Note: The calculations for this question were done using Excel's RATE function.
A $345 000.00 mortgage is repaid in 19 years by making monthly payments of $2486.44. What is the nominal annual rate of interest compounded semi-annually?
Textbook 
Contemporary Business Mathematics with Canadian Applications

Contemporary Business Mathematics with Canadian Applications


Edition: 11th
Authors:
Read 90 times
2 Replies

Related Topics

Replies
wrote...
#1
6 years ago
Nper 228
Pmt -2486.44
PV 345000.00
Result 0.0047739
1.0047739 = (1 + i)1/6
1 + i = 1.00477396
i = 0.0289874
The nominal annual interest rate is 0.0289874 × 2 × 100% = 5.79748%
wrote...
#2
2 years ago
Nice
New Topic      
Quick Reply
Explore
Post your homework questions and get free online help from our incredible volunteers
  1256 People Browsing
Start New Topic Take the Tour CoursesNew Study Tools Topics Trending Browse by Textbook
Related Images
  
 172
  
 48
  
 252
Your Opinion
Who's your favorite biologist?
Votes: 586
Previous poll results: Where do you get your textbooks?