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What is the effective annual interest rate

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(a) You borrow $10,000 from a bank, to be repaid in 5 equal annual installments of $2,200 starting one year from now. What is the implied interest rate that the bank is charging?

(b) You borrow $10,000 from a bank, to be repaid in 10 equal semi-annual installments of $1,100 starting six months from now. What is the effective annual interest rate charged by the bank?

(c) You borrow $10,000 from a bank, to be repaid in 5 equal annual installments of $2,300 staring 3 years from now. What is the effective annual interest rate charged by the bank?

Reference no: EM131734462

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