Alpha Geek

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    Polytechnic State University Sanluis
    Jan-2006 - Nov-2010

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    Polytechnic State University
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Category > Business & Finance Posted 06 Aug 2017 My Price 7.00

A loan with a quarterly payment of $1,500 has an unpaid balance of $10,000 after 27 quarters

A loan with a quarterly payment of $1,500 has an unpaid balance of $10,000 after 27 quarters and an unpaid balance of $9,000 after 28 quarters. If interest is compounded? quarterly, find the interest rate.

Answers

Alpha Geek
(8)
Status NEW Posted 06 Aug 2017 01:08 PM My Price 7.00

Let----------- th-----------e L-----------oan----------- am-----------oun-----------t b-----------e X----------- Ba-----------lan-----------ce -----------aft-----------er -----------27 -----------qua-----------rte-----------rs=-----------X-1-----------500-----------*PV-----------A(n-----------=27-----------,r)-----------=10-----------000----------- (E-----------qua-----------tio-----------n P-----------) B-----------ala-----------nce----------- af-----------ter----------- 28----------- qu-----------art-----------ers-----------=X------------150-----------0*P-----------VA(-----------n=2-----------8,r-----------)=9-----------000----------- (E-----------qua-----------tio-----------n Q-----------)

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