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A loan of $1,200 at 5.30% p.a. flat over 2 years has monthly instalments of $55.30

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A loan of $1,200 at 5.30% p.a. flat over 2 years has monthly instalments of $55.30. What effective rate of interest per annum is being charged (as a %, 2 decimal places)? When calculating the monthly rate, use linear interpolation with no more than a 0.25% gap between the higher and lower estimates.;(The answer required is j1 and not the monthly rate and not j12.;The rough approximation (2 x flat rate) / 12 will help you find suitable starting estimates for the monthly rate in your linear interpolation.);Additional Requirements;Min Pages: 1;Level of Detail: Show all work;Other Requirements: Answer to 2 decimal places

 

Paper#29542 | Written in 18-Jul-2015

Price : $17
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