ISTM 210 Exam 2 With 100% Correct And Verified Answers

ISTM 210 Exam 2 With 100% Correct And Verified Answers
Question 1: RATE calculates the interest rate earned for an
investment given the number of payments made as part of the
investment, the payment amount, and the current value of the
investment.
(nper, pmt, pv, [fv], [type], [guess])
CORRECT ANSWER: =RATE(Number of Payments,
Monthly Payment Amount, Loan Amount)*12
Question 2: EFFECT calculates the annual percentage rate for
an interest rate given the number of times per year that
interest is charged.
(nominal_rate, npery)
CORRECT ANSWER: =effect(Interest Rate, Number of
Payments per year)
Question 3: NPER calculates the number of payments that
will be made to pay off a loan given the interest rate, payment
amount, and original loan amount.
(rate, pmt, pv, [fv], [type])

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