What would you use as the interest rate in your calculation

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Reference no: EM131551465

The local credit union is offering a nominal annual mortgage rate of 15%, compounded monthly, on 30 year loans. If you were trying to calculate the monthly loan payment:

What would you use as the interest rate in your calculation?

A.1.5% B. 1.25% C. 14% D. 16.08% E.15%

What are the number of periods (the "n") you would use in your calculation?

A.180 B. 30 C.12 D. 360 E. 10

Reference no: EM131551465

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