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Compound Interest Help 6

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Surinder borrowed $1200 and agreed to pay $1400 in settlement of the debt in 3 years and 3 months. What annual nominal rate compounded quarterly was charged on the debt?

 

Any help would be appreciated, may I see how you perform this one with steps?

 

thanks

 Nov 18, 2015

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Surinder borrowed $1200 and agreed to pay $1400 in settlement of the debt in 3 years and 3 months. What annual nominal rate compounded quarterly was charged on the debt?

 

You solve for r, which comes to 4.75% compounded monthly=4.77% comp. quarterly.

 Nov 18, 2015

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