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Category > Business & Finance Posted 21 May 2017 My Price 11.00

Calculating Inte r est Rat e .

Calculating Inte r est Rat e . You borrow $1,000 from the bank and agree to repay the loan over the next year in 12 equal monthly payments of $90. However, the bank also charges you a loan-initiation fee of $20, which is taken out of the initial proceeds of the loan. What is the effective annual interest rate on the loan taking account of the impact of the initiation fee?

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Homework Helper
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Status NEW Posted 21 May 2017 08:05 AM My Price 11.00

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