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f you pay $7350 in interest on $245 000 principal for 9 months, what is the nominal annual rate? Select one: Select one: a
f you pay $7350 in interest on $245 000 principal for 9 months, what is the nominal annual rate?
Select one:
Select one:
a. 4%
b. 3%
c. .03
d. .04
Expert Solution
Computation of Nominal Annual Rate:
Interest = Principal*Rate*Time
7350 = $245,000*Rate*9/12
7350 = $183,750 * Rate
Rate = 7350/183750
Rate = 4%
So, Nominal Annual Rate is 4%.
So, the correct option is A "4%".
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