Answered: If I loaned an amount of P10,000.00…

If I loaned an amount of P10,000.00 with an interest rate of 8.60% compounded MONTHLY for 5 years. What is the real interest rate of the effective interest rate in percent?

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter19: Lease And Intermediate-term Financing

Section: Chapter Questions

Problem 18P

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If I loaned an amount of P10,000.00 with an interest rate of 8.60% compounded MONTHLY for 5 years. What is the real interest rate of the effective interest rate in percent?

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