Answer to Question #124984 in Accounting for Nathan Bito

Question #124984

Find the equivalent compound interest rate for a flat rate loan charged at 9.5% p.a., where repayments are to be made quarterly over 2 years.

Expert's answer

"S*(1+0.095*8)=S*(1+r)^8"

"r=0.073=7.3%"

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