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Using the formula, compute the true annual interest rate. Loan amount = $9,500 Monthly payments = $227.50 Time of loan contract = 5 years True annual interest rate (to the neare…

Using the formula, compute the true annual interest rate. Loan amount = $9,500 Monthly payments = $227.50 Time of loan contract = 5 years True annual interest rate (to the neare…
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1 vote
Using the formula, compute the true annual interest rate.

Loan amount = $9,500

Monthly payments = $227.50

Time of loan contract = 5 years

True annual interest rate (to the nearest tenth) = _____.

17.2
12.0
8.4
19.2

asked
User Nirvdrum
by
8.1k points

2 Answers

3 votes

Answer:

17.2

Explanation:

answered
User Dina
by
8.0k points
1 vote

Answer:

12.0

Explanation:

answered
User YW P Kwon
by
8.5k points
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