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11 Dec 2019
A loan of S60000 is repain over 20 years by monthy ponyments of $450. Use two iterations of the Newton-Raphson method starting with the initial guess of an annual interest rate os 12% (compounded monthly), to determine the annual interest rate.
Note: If P is borrowed at a rate of r per period, and is repaid over N periods by payments of Y, then:
Annual interest rate = 1
Report your answer to 3 decimal places.
A loan of S60000 is repain over 20 years by monthy ponyments of $450. Use two iterations of the Newton-Raphson method starting with the initial guess of an annual interest rate os 12% (compounded monthly), to determine the annual interest rate.
Note: If P is borrowed at a rate of r per period, and is repaid over N periods by payments of Y, then:
Annual interest rate = 1
Report your answer to 3 decimal places.
Jyotsana PrakashLv10
22 Mar 2021