Note: the Calculations for This Question Were Done Using Excel's

question 40

Essay

Note: The calculations for this question were done using Excel's RATE function.
What is the effective annual rate of interest on a loan of $9200.00 repaid in semi-annual installments of $810.00 in nine years?

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Definitions:

Legal Signature

A person's name or mark written in a distinctive way as a form of identification in authorizing documents.

Online Commercial Transactions

Business dealings and the exchange of goods or services for payment carried out over the internet.

Electronic Signature

A digital form of a signature used to give consent or approve documents electronically, having legal standing similar to a handwritten signature.

Statute of Frauds

Legal requirement that certain contracts be in writing and signed by the party to be charged to be enforceable.