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What is the nominal rate of interest on the loan

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Problem 1: You borrow $5000 on August 22nd this year. Your loan carries an interest rate of 8.41% simple interest. You make partial payments of $500 on September 15th and $1575 on October 17th. You want to make a final payment to pay off the remaining outstanding balance on November 21st. What is the size of your final payment?

Problem 2: A loan of $20 000 is paid over 5 years by monthly payments of $450. What is the nominal rate of interest on the loan?

Reference no: EM132795383

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