What equal monthly payments will repay an original loan of $1,000 in sex months at a nominal rate of 6% compounded monthly? What is the effective annual interest rate? What is the effective quarterly interest rate?
What equal monthly payments will repay an original loan of $1,000 in sex months at a nominal rate of 6% compounded monthly? What is the effective annual interest rate? What is the effective quarterly interest rate?
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the correct answer is a) A= $169.60 and b) 1.51%. Show solution on how did they get the correct answer
![7. What equal monthly payments will repay an original loan of $1,000 in sex months at a
nominal rate of 6% compounded monthly? What is the effective annual interest rate?
What is the effective quarterly interest rate?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1393d0d4-b3e8-4049-9e63-16278c2e8f27%2F4f8c4d6b-6887-4027-ac95-6160b081a77a%2Fzuycuba_processed.jpeg&w=3840&q=75)
Transcribed Image Text:7. What equal monthly payments will repay an original loan of $1,000 in sex months at a
nominal rate of 6% compounded monthly? What is the effective annual interest rate?
What is the effective quarterly interest rate?
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