PPT Slide

© 1998 The Dryden Press

12

100000

-9000

1.2043% = rate per month

0

kNom = APR = (1.2043)(12) = 14.45%.

EAR = (1.012043)12 - 1 = 15.45%.

14.45 NOM enters nom rate

12 P/YR enters 12 pmts/yr

EFF% = 15.4489 = 15.45%.

1 P/YR to reset calculator.

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