Loan Amortization
The monthly interest rate is: 0.10/12 = 0.008333 = 0.8333 percent. Therefore, the effective annual interest rate on the loan is: (1.008333)12 ( 1 = 0.1047 = 10.47 percent. 23. a. PV = 100 ( annuity factor(6%, 3 periods) = 100 ( b. If the payment stream is deferred by an additional year, then each payment is discounted by an additional factor of ... ................
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