What is the nominal annual rate of interest compounded monthly if a 9-year loan of $57,300 is repaid by monthlypayments of $781.91 made at the end of each month?The nominal annual rate of interest is % compounded monthly.(Round to two decimal places as needed.)

Here,LoanAmount is $57,200Time Period of Loan is 9 yearsMonthly Payment of Loan is $781.91

Answered: What is the nominal annual rate of…

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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What is the nominal annual rate of interest compounded monthly if a 9-year loan of $57,300 is repaid by monthly payments of $781.91 made at the end of each month? ... The nominal annual rate of interest is % compounded monthly. (Round to two decimal places as needed.)