David Saks: December 2014

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 3878

math

What would be the annual interest rate on a $42,000 loan if the quarterly interest payments are $575.50 ?

Answers posted below the wildlife photo. Please take your time.

wildlife

A. .05481 or rounded .055 or 5.5%

Let's take the quarterly interest payments of 575.50 and multiply them time four to get the annual payment of $2302.

Divide 42000 into 2302 to get .05481 and round it to .055 or 5.5%, the annual interest rate.




David Saks



Time&Temp Memphis

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