Calculate the annual interest rate paid on a promissory note in which $123,000.00 was financed and $161.437.50 was paid at the end of two and a half years, without capitalization of interest.
Mortgages
A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.
Mortgage
The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.
PLEASE, PERFORM THE EXERCISE IN EXCEL AND SHOW THE FORMULAS
PLEASE, PERFORM THE EXERCISE IN EXCEL AND SHOW THE FORMULAS
2.-
Calculate the annual interest rate paid on a promissory note in which $123,000.00 was financed and $161.437.50 was paid at the end of two and a half years, without capitalization of interest.
Note:
In the image, this is the original exercise, it is in Spanish, but it is easy to understand.
Very important Note:
It is necessary that you make a solution approach and then the result. Above all, to check the procedure and/or the formulas used, especially when you use excel.
please... understand the context of the exercise in Spanish, it is easy to understand.
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