Using financial calculator:
Set BGN=1
FV= 10000
PV= -164.64
N= 7*12=84
Solve for I/Y as 5.01026
This is a monthly rate
Nominal rate= 5.01026*12
= 60.123%
At what nominal rate of interest, convertible monthly, is $10,000 the present value of $164.64 paid...
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