Gap between the higher and lower estimates

Reference no: EM13494715

A loan of $1,200 at 5.30% p.a. flat over 2 years has monthly instalments of $55.30. What effective rate of interest per annum is being charged (as a %, 2 decimal places)? When calculating the monthly rate, use linear interpolation with no more than a 0.25% gap between the higher and lower estimates.

(The answer required is j1 and not the monthly rate and not j12.
The rough approximation (2 x flat rate) / 12 will help you find suitable starting estimates for the monthly rate in your linear interpolation.)

Reference no: EM13494715

Questions Cloud

Define what is the molar absorptivity : In a lab experiment demonstrating Beer's law, the absorbance of a 0.15 M sample of solution A was 0.750 at the wavelength of maximum absorbance. What is the molar absorptivity (extinction coefficient) if the path length is 1 cm

Write a program that displays the patterns separately : Write a program that displays the patterns separately, one below the other in a TextBox - Maximize your use of repetition and maximize the number of output statements.

Explain separate the sodium chloride from the mixture : Describe what is happening in this process. B)After removel of ammonium chloride, you now are left with a mixture of the metal, sand, and sodium chloride

How much the mechanical work was done : Mechanical Work is defined as a scalar product between the applied force, F and the displacement vector, d, of the motion, W = F · d. how much the mechanical work was done

Gap between the higher and lower estimates : Gap between the higher and lower estimates.

Explain what is the voltage of the cell : 20.00mL of .120M Cu+ is titrated with .100M Ce4+. What is the voltage of the cell when the amount of added Ce4+ is (a)5.00mL, (b) 12.00mL, (c) 22.00 mL

Calculate the distance between the two slits : Two narrow slits are illuminated by a laser with a wavelength of 560 nm. Calculate the distance between the two slits

Prime number program : Write a new program called SpeedConversion.py that converts a nautical speed in knots to a speed in kilometres per hour (km/h). Your program must rst ask the user to enter their name.

Determine the skaters final velocity : A skater of mass 74.5 kg initially moves in a straight line at a speed of 4.80 m/s. what is the skater's final velocity

User Account

All Pages