Meghan received an excellent interest rate for her loan of $12,000. Calculate the nominal interest rate compounded semi-annually if the loan accumulated to $12,788.18 in 7 years and 6 months.

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter9: Sequences, Probability And Counting Theory
Section: Chapter Questions
Problem 29RE: Alejandro deposits $80 of his monthly earnings into an annuity that earns 6.25% annual interest,...
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Meghan received an excellent interest rate for her loan of $12,000. Calculate the nominal interest rate compounded semi-annually if the loan accumulated to $12,788.18 in 7 years and 6 months.
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