Question

Asked Nov 14, 2019

104 views

Step 1

It is given that, L dollars are borrowed for N years at interest rate r per annum and monthly payment (P) is calculated using the equation

Step 2

To find:

- The value of payment (P), if L=7300, n=4 and r=7%.
- If loan L=$7300 is paid back over four years with annual payment P=$200, then apply Newton’s Method to compute the implied interest rate r of this loan.

Step 3

- From (1), the value of payment P can be evaluated by substitut...

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