Questions about nominal and effective interest rates, monthly payments, refinancing fees.
(See attached file for full problem description)© BrainMass Inc. brainmass.com June 3, 2020, 6:03 pm ad1c9bdddf
All answers in the attached file
a. The Nominal Rate is 9% p.a.
For calculating the effective rate, the formula is ((1+nominal rate per ...
The solution explains how to calculate the effective interest rates, monthly payments and prepare an amortization table