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…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 5Q: If Bergen Air Systems takes out a $100,000 loan, with eight equal principal payments due over the...

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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.)