Register

A new coffee machine costs $50,850 and the finance office has quoted you an Annual Percentage Rate (APR) of 5.9%, compounded monthly, for 36 months. What is the Effective Annual…

A new coffee machine costs $50,850 and the finance office has quoted you an Annual Percentage Rate (APR) of 5.9%, compounded monthly, for 36 months. What is the Effective Annual…
asked 104k views
0 votes
A new coffee machine costs $50,850 and the finance office has quoted you an Annual Percentage Rate (APR) of 5.9%, compounded monthly, for 36 months. What is the Effective Annual Rate (EAR)?

asked
User Avelyne
by
8.4k points

1 Answer

4 votes

Answer:

6.062189766%

Step-by-step explanation:


(1+(.059)/(12))^(36)=(1+i)^3\\

answered
User Demmy
by
7.3k points
← Prev Question Next Question →

Related questions

Ask a Question
Welcome to Qamnty — a place to ask, share, and grow together. Join our community and get real answers from real people.

Categories

Other Questions

What can turn igneous rock into sediment?
In what way did the GI Bill contribute to the growth of professional and white-collar jobs ? A.by providing US laborers with new job-training programs B.by giving US veterans assistance to purchase a new
What is meant by data mining ?
Link Copied!