document.write( "Question 1182272: You apply for a $1100 loan, which you plan to repay in 5 years. You are told by the loan officer that the amount payable when the loan is due is $2700. What rate of interest, compounded bi-weekly, are you being charged? Round answers to 2 decimal places. \n" ); document.write( "

Algebra.Com's Answer #812387 by MathTherapy(10552) $\"\"$ $\"About$

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You apply for a $1100 loan, which you plan to repay in 5 years. You are told by the loan officer that the amount payable when the loan is due is $2700. What rate of interest, compounded bi-weekly, are you being charged? Round answers to 2 decimal places.
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Use the formula for the interest rate of a SINGLE amount. \r\n" );
document.write( "This is: , where:  = Accumulated amount, or future value ($2,700, in this case)\r\n" );
document.write( "                                    = Present Value, or Principal invested, or INITIAL amount deposited  ($1,100, in this case)\r\n" );
document.write( "                                    = Annual Interest rate (UNKNOWN, in this case)\r\n" );
document.write( "                                    = Number of ANNUAL compounding periods (Bi-weekly, or every 2 weeks, or 26, in this case)\r\n" );
document.write( "                                    = Time, in years (5, in this case)\r\n" );
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document.write( "          then becomes:  \r\n" );
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document.write( "                      Interest rate, or \r\n" );
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document.write( "If bi-weekly means every 2 weeks, then change m, or 26 above, to 2(52), or 104, and re-calculate.\r\n" );
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document.write( "Capeesh/Capiche/Capisce?

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