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?

Ask a New Question or answer this question.

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. 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
1. 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
1. 2 answers
Ratna obtained a loan of â‚¹25000 from the bank to renovate her house. If the rate of interest is 8% per annum, what amount
1. 3 answers

more similar questions