What is the nominal-period interest rate

Reference no: EM13181853

if you borrow $3000 and pay back $3410 after 1.5 years,

a) What is the interest rate charged if the payment period is 1.5 years?

b) What is the annual compounding interest charged?

c) Using the compounding annual interest rate from above, what is the nominal, period interest rate and corresponding effective interest rate if compounding is hourly? Assume 30 days per month

Reference no: EM13181853

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