The size of the monthly repayment 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 $2342 over 25 years.Find the interest rate on this loan.Round the rate to one decimal place.

Question

The size of the monthly repayment  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 $2342 over 25 years.Find the interest rate on this loan.Round the rate to one decimal place.

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The Answer of The size of the monthly repayment  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 $2342 over 25 years.Find the interest rate on this loan.Round the rate to one decimal place.

The Size of the Monthly Repayment That Amortizes a Loan