HW 2.4. Please help If you borrow $5000 at an APR of r (as a decimal) from a lending institutionthat compounds interest continuously, and if you wish to pay off the note in3 years, then your monthly payment M, in dollars, can be calculated using5000(e/12 – 1)1 - e-3rM =Your budget will allow a payment of $175 per month, and you are shoppingfor an interest rate that will give a payment of this size. What interest ratedo you need to find? (Round your answer to two decimal places.)%

Interest rate is the proportion of amount loaned on which a lender charger as interest to the…

If you borrow $5000 at an APR of r (as a decimal) from a lending institution that compounds interest continuously, and if you wish to pay off the note in 3 years, then your monthly payment M, in dollars, can be calculated using M = 5000(e"/12 – 1) 1 - e-3r Your budget will allow a payment of $175 per month, and you are shopping for an interest rate that will give a payment of this size. What interest rate do you need to find? (Round your answer to two decimal places.) %

If you borrow $5000 at an APR of r (as a decimal) from a lending institution that compounds interest continuously, and if you wish to pay off the note in 3 years, then your monthly payment M, in dollars, can be calculated using M = 5000(e"/12 – 1) 1 - e-3r Your budget will allow a payment of $175 per month, and you are shopping for an interest rate that will give a payment of this size. What interest rate do you need to find? (Round your answer to two decimal places.) %

Corporate Fin Focused Approach

5th Edition

ISBN:9781285660516

Author:EHRHARDT

Publisher:EHRHARDT

Chapter4: Time Value Of Money

Section4.17: Amortized Loans

Problem 1ST

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