Support this statement using complete sentences: “Constructive criticism is offered in a way that encourages growth and learning
1 answer:
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Answer:
Effective annual rate = 6.82 %
Explanation:
given data
loan = 65 % of $2.5 million = $1625000
monthly payment pmt = $10,400
time = 30 year = 30 × 12 = 360
solution
we get here rate first by present value
present value = pmt × ..........1
$1625000 = $10400 ×
15.625 =
solve it we get
r = 0.5517%
and Effective annual rate will be
Effective annual rate =
Effective annual rate =
Effective annual rate = 0.068250
Effective annual rate = 6.82 %