Del Pilar wants to know the effective interest rate of his 310,000 bank loan with interest of 11% compounded quarterly. Find the effective rate. Althea has a loan of 190,000 at ordinary interest of 8% if the amount of interest is 3,800 what would be the the time period of the loan in one year?

Del Pilar wants to know the effective interest rate of his 310,000 bank loan with interest of 11% compounded quarterly. Find the effective rate. Althea has a loan of 190,000 at ordinary interest of 8% if the amount of interest is 3,800 what would be the the time period of the loan in one year?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Del Pilar wants to know the effective interest rate of his 310,000 bank loan with interest of 11% compounded quarterly. Find the effective rate.
Althea has a loan of 190,000 at ordinary interest of 8% if the amount of interest is 3,800 what would be the the time period of the loan in one year?

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