5f7g2mjr6b 5f7g2mjr6b

15-06-2021
Business

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A new coffee machine costs $50,850 and the finance office has quoted you an Annual Percentage Rate (APR) of 5.9%, compounded monthly, for 36 months. What is the Effective Annual Rate (EAR)?

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madethisfortwitch1 madethisfortwitch1

15-06-2021

Answer:

6.062189766%

Explanation:

[tex](1+\frac{.059}{12})^{36}=(1+i)^3\\[/tex]

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