please show calculations and my answers are wrong thanks On August 1, 2010, Chri

a) 116400*(1+r/12)^5 = 122100 r = 11.5 % b) (1+r/12)^12 - 12 = 12.16 %

ID: 2374122 • Letter: P

Question

please show calculations and my answers are wrong thanks

On August 1, 2010, Christy Co. treasurer signed a note promising to pay $122,100 on December 31, 2010. The proceeds of the note were $116,400.

Calculate the effective interest rate (APR) on the loan. (Round your answer to 1 decimal place.Omit the "%" sign in your response.)

please show calculations and my answers are wrong thanks

On August 1, 2010, Christy Co. treasurer signed a note promising to pay $122,100 on December 31, 2010. The proceeds of the note were $116,400.

116400*(1+r/12)^5 = 122100

r = 11.5 %

b) (1+r/12)^12 - 12 = 12.16 %

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