Use the add-on method for determining interest on a loan of $2410, with an annual rate of 9% and a term of 4 years. Then, determine the annual interest rate during the last month of the loan.
Use the add-on method for determining interest on a loan of $2410, with an annual rate of 9% and a term of 4 years. Then, determine the annual interest rate during the last month of the loan.
Chapter19: Lease And Intermediate-term Financing
Section: Chapter Questions
Problem 14P
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Use the add-on method for determining interest on a loan of $2410, with an annual rate of 9% and a term of 4 years. Then, determine the annual interest rate during the last month of the loan.
During the last month of the loan, the annual interest rate is _%
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