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| rev | Admin | (Created page with "'''Solution: E''' Let I be the amount of interest in the first month. <math display = "block"> P_0-m+I=P_1, I=P_1-\left(P_0-m\right) </math> In the first month, the interest <math>P_1-\left(P_0-m\right)</math> was charged on a principal of <math>P_0</math>, so the effective monthly interest rate (expressed as a decimal) of the first loan is <math display = "block">\frac{P_1-\left(P_0-m\right)}{P_0}=\frac{P_1-P_0+m}{P_0}</math>. The nominal annual interest rate (expres...") | Nov 19'23 at 14:18 | +948 |