3) A 20 year loan of $12,000 is repaid with annual payments of $750 at the beginning of each year. The effective annual interest rate is i= .03 for the first five years. Find the effective annual interest rate or the last 15 years..
3) A 20 year loan of $12,000 is repaid with annual payments of $750 at the beginning of each year. The effective annual interest rate is i= .03 for the first five years. Find the effective annual interest rate or the last 15 years..
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 9P
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