Ross Land has a loan of​ $8,500 compounded quarterly for three years at 6​%. What is the effective interest rate for the​ loan?

remolatg

remolatg

Answered question

2020-11-10

Ross Land has a loan of​ $8,500 compounded quarterly for three years at 6​%. What is the effective interest rate for the​ loan?

Answer & Explanation

tabuordg

tabuordg

Skilled2020-11-11Added 99 answers

Interest is compounded quarterly for 3 years, which is a total of 12 times. Therefore the answer is 8500(1.06t2)=17103.67

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