1. Business
  2. Economics
  3. you borrowed 400000 at 1 per month and agreed to...

Question: you borrowed 400000 at 1 per month and agreed to...

Question details

You borrowed $4,000.00 at 1% per month and agreed to repay in equal monthly payments over the next 3 years. What is your monthly payment? 3. You borrowed $10,000.00 which is to be repaid in equal quarterly payments of $1,336.00 over the next 2 years 4. a) Determine the interest rate per interest period based on quarterly compounding. b) What are the nominal and effective interest rates?

Solution by an expert tutor
Blurred Solution
This question has been solved
Subscribe to see this solution