Ask a New Question
Henrietta went to a bank and obtained a personal loan with an interest rate of 3.18% compounded monthly. if the effective interest rate on the loan were to decrease by 1%, calculate the new nominal rate compounded monthly?
Similar Questions
Susan Smith obtained a single-payment loan of $14,000 to pay for some home repairs. She agreed to repay the loan in 280 days at
1 answer
1,500 personal loan, bank is going to charge a fee of 2% of loan amount as well as take out the interest upfront. The bank is
0 answers
henrietta deposits $3500 to start a new bank account. it earns a simple interest rate of 6.5% per year. henrietta makes no more
2 answers
Ratna obtained a loan of ₹25000 from the bank to renovate her house. If the rate of interest is 8% per annum, what amount
3 answers
more similar questions
1 answer