Question:

How long would it take to pay off a loan of $ 11000 if the annual interest rate was 9. 6 % compounded monthly?

Answer:

The APR (a = A/1200) is then calculated iteratively by solving the following equation using the Newton-Raphson method: (MORE?)

Semantic Tags:

interest rate Mathematical finance Interest rates Joseph Raphson Applied mathematics Newton's method Continuous-repayment mortgage Business Finance Debt Mortgage Economics Interest Renting Finance USD

Related Websites:


Terms of service | About
18