David obtained an installment loan of $9,600 at 15 percent for 45 months. The balance of the loan after 28 payments is $4,844.66. What is the interest rate for payment 29?
David obtained an installment loan of $9,600 at 15 percent for 45 months. The balance of the loan after 28 payments is $4,844.66. What is the interest rate for payment 29?
Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter7: Using Consumer Loans
Section: Chapter Questions
Problem 6FPE
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