A loan of $22,000 is to be financed to assist a person's college education. Based upon monthly compounding for 24 months, the end-of-the-month equal payment is quoted as $250. What nominal interest rate is being charged'!

A loan of $22,000 is to be financed to assist a person's college education. Based upon monthly compounding for 24 months, the end-of-the-month equal payment is quoted as $250. What nominal interest rate is being charged'!

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 9P

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