David Saks

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

Real Estate Practice : Lesson 3957

math

What would be the annual rate of interest on a $42,000 loan if the quarterly interest payments are $577.50 per quarter ?

Take your time. The solution is posted below the wildlife photo.

A. 5.5%

577.5 quarterly interest
times
4 quarters
=
2310 total interest per year
divided by
42000 loan amount
=
0.055 interst rate or 5.5% interest rate




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Comment balloon 0 commentsDavid Saks • February 23 2015 10:02AM
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