Mathematics, 17.02.2021 01:20 XAINEE
7. (4 pts) Goran took out a loan for $7400 that charges an annual interest rate of 8.9%, compounded
monthly. Answer each part and place your answers in the space provided.
(a) Find the amount owed after one year, assuming no payments are made.
Do not round any intermediate computations, and round your answer to the nearest cent.
$
(b) Find the effective annual interest rate, expressed as a percentage.
Do not round any intermediate computations, and round your answer to the nearest hundredth
of a percent.
%
Answers: 3
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7. (4 pts) Goran took out a loan for $7400 that charges an annual interest rate of 8.9%, compounded...
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