Problem #2: You have taken a loan of $272,000. You can afford to pay monthly payments of $2317.12. This loan will be repaid in 28 years. What is the nominal annual rate of interest charged on this loan? Problem #2: Answer as a percentage, correct to 2 decimals

Corporate Fin Focused Approach
5th Edition
ISBN:9781285660516
Author:EHRHARDT
Publisher:EHRHARDT
Chapter4: Time Value Of Money
Section4.17: Amortized Loans
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Problem #2: You have taken a loan of $272,000. You can afford to pay monthly payments of $2317.12. This loan will be
repaid in 28 years.
What is the nominal annual rate of interest charged on this loan?
Problem #2:
Answer as a percentage,
correct to 2 decimals
Transcribed Image Text:Problem #2: You have taken a loan of $272,000. You can afford to pay monthly payments of $2317.12. This loan will be repaid in 28 years. What is the nominal annual rate of interest charged on this loan? Problem #2: Answer as a percentage, correct to 2 decimals
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