Marcela took out a $600 discounted loan with a 4% annual interest rate over a period of 8 months. What is the effective annual interest rate for the loan? Round to two decimal places. Do not include the percent sign in the answer box below.
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.
Marcela took out a $600 discounted loan with a 4% annual interest rate over a period of 8 months. What is the effective annual interest rate for the loan?
Round to two decimal places. Do not include the percent sign in the answer box below.
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