Hi there, quick question. For an loan with a capital amount of 2500, initiation fee of 315, interest rate of 5%, initiation of loan takes place 04/01/2021 and first paid date is 02/02/2021 (Active for 29 Days), the calculated interest for this period was calculated to be 360.45. Interest is calculated using compound interest. Is there a way to work backwards to obtain the formula? To determine the accuracy.
Hi there, quick question. For an loan with a capital amount of 2500, initiation fee of 315, interest rate of 5%, initiation of loan takes place 04/01/2021 and first paid date is 02/02/2021 (Active for 29 Days), the calculated interest for this period was calculated to be 360.45. Interest is calculated using compound interest. Is there a way to work backwards to obtain the formula? To determine the accuracy.
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Hi there, quick question.
For an loan with a capital amount of 2500, initiation fee of 315, interest rate of 5%, initiation of loan takes place 04/01/2021 and first paid date is 02/02/2021 (Active for 29 Days), the calculated interest for this period was calculated to be 360.45.
Interest is calculated using
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