Homework Answers
6)
Calculation of interest rate per annum
| Nper | 72 |
| I/Y(rate) | 4.592% |
| PV | $32985 |
| PMT | $525 |
| FV | 0 |
formula for present value = A x PVAF(r%/12,n) where A is monthly payment , r is rate per annum and n is number of years of installments.
32985 = 525 x PVAF(r%/12,72)
Solving this results in r = 4.592%
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