A loan of $9600 is repaid in 4 years and 3 months with $587 payments at the end of every three months. What is the nominal annual rate, compounded monthly, on this loan? ( calculate IY) Select one: a.22.530742% b.1.732114% c.0.859342% d.2.579873%

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A: We know that the formula is A=P1+rnnt where A=total amount,P=initial principal amount,r=rate of…

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A: Here we use the formula of compund interest to find the account balance after one year.

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A:

Q: A company borrowed $7,700,000 from a bank.The company repaid the loan after 3  years with a single…

A:

Q: $1,250

A: Please refer to the image below

Q: Month-end payments of $1,580 are made to settle a loan of $174,200 in 10 years. What is the…

A: Solution:- first calculate the total amount paid in 10 years