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Chapter 16.2, Problem 16.5RQ

How does the effective annual rate differ between a loan requiring interest payments at maturity and another, similar loan requiring interest in advance?

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You want to buy equipment that is available from 2 companies. The price of the equipment is the same for both companies. Silver Research would let you make quarterly payments of $9,130 for 3 years at an interest rate of 3.27 percent per quarter. Your first payment to Silver Research would be today. Island Research would let you make monthly payments of $3,068 for 3 years at an interest rate of X percent per month. Your first payment to Island Research would be in 1 month. What is X? Input instructions: Input your answer as the number that appears before the percentage sign. For example, enter 9.86 for 9.86% (do not enter .0986 or 9.86%). Round your answer to at least 2 decimal places. percent
Make sure you're using the right formula and rounding correctly I have asked this question four times and all the answers have been incorrect.
You plan to retire in 3 years with $911,880. You plan to withdraw $X per year for 18 years. The expected return is 18.56 percent per year and the first regular withdrawal is expected in 3 years. What is X? Input instructions: Round your answer to the nearest dollar. $

Chapter 16 Solutions

Principles of Managerial Finance, Student Value Edition Plus MyLab Finance with Pearson eText - Access Card Package (15th Edition) (Pearson Series in Finance)

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The Main Types of Mortgages (EXPLAINED); Author: Bankrate;https://www.youtube.com/watch?v=tp284BA6Zxg;License: Standard Youtube License