A part) what is the APR on a 5 year (60 month) 25,000 loan with a monthly payment of 500? B part)What is the effective annual rate (EAR) on the loan in a part?
A part) what is the APR on a 5 year (60 month) 25,000 loan with a monthly payment of 500? B part)What is the effective annual rate (EAR) on the loan in a part?
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 7FPE: Calculating interest and APR of installment loan. Assuming that interest is the only finance charge,...
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Only by excel, i know how to do written so by excel only please
A part) what is the APR on a 5 year (60 month) 25,000 loan with a monthly payment of 500?
B part)What is the effective annual rate (EAR) on the loan in a part?
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