Find out the effective annual rate, Accounting Basics

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Find out the effective annual rate

Problem:

The bank has a standing rate of 8.1% APR for all bank loans and requires monthly payments. What is the monthly payment if a loan is for

$150,000 for 5 years?
$270,000 for 12 years?
$1,400,000 for 26 years?

Required:

Question: What is the effective annual rate for each of these loans?

Note: Show supporting computations in good form.

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Accounting Basics: Find out the effective annual rate

Reference No:- TGS0890882

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Accounting Basics: Find out the effective annual rate

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Recent Questions Asked Accounting Basics

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Q : Jack weighted average cost of capital

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Ask an Expert for Answer!!

Accounting Basics: Find out the effective annual rate

Reference No:- TGS0890882

Recent Questions Asked Accounting Basics

Q : What is errors in dna replication

Q : Jack weighted average cost of capital

Q : Give example of morphological evolution

Q : Find out the company fixed operating costs

Q : Find out the effective annual rate

Q : Define central dogma of molecular biology

Q : Effective annual rate of loans

Q : Find the economic order quantity

Q : Bennett required rate of return

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