A $10,000 car loan has payments of $361.52 due at the end of each month for...
A $10,000 car loan has payments of $361.52 due at the end of each month for three years. What is the annual interest rate?
The Tried and True Corp had earnings of $0.20 per share in 1978. By 1995, a period of 17 years, its earnings had grown to $1.01 per share. What was the compound annual rate of growth in the company’s earnings?
Please Show Work In Excel
Homework Answers
| 1 | PV | 10000 |
| Monthly payment | 361.52 | |
| Term | 36 | |
| Monthly interest rate | 1.50% | |
| Annual interest rate | 18.00% |
We find rate using the RATE function in excel in both cases as per formulae attached.
| 2 | PV | 0.2 |
| N | 17 | |
| FV | 1.01 | |
| Annual rate | 9.99% |
WORKINGS
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