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A loan of $100,000 is made today. The borrower will make equal repayments of $3070.83 per...

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Finance

A loan of $100,000 is made today. The borrower will make equalrepayments of $3070.83 per month with the first payment beingexactly one month from today. The interest being charged on thisloan is constant (but unknown). For the following two scenarios,calculate the interest rate being charged on this loan, expressedas a nominal annual rate in percentage:

(b) The term of the loan is unknown but it is known that theloan outstanding 2 years later equals to $46729.02.

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We need to solve the following equation to find the interestrate which will lead to    See Answer
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