Multiple Choice
The size of the monthly repayment k that amortizes a loan of A dollars in N years at an interest rate of r per year, compounded monthly, on the unpaid balance is given by 
The value of r can be found by performing the iteration 
A family secured a loan of $360,000 from a bank to finance the purchase of a house. They have agreed to repay the loan in equal monthly installments of $2476 over 25 years. Find the interest rate on this loan. Round the rate to one decimal place.
A) 8.7%
B) 7.7%
C) 6.7%
D) 5.7%
Correct Answer:
Verified
Correct Answer:
Verified
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