Finance Question???? Someone please help!!!!!

Posted on 2014-11-24 10:38:00 in Finance by MARK

A company wants to raise $50,000 in the bond market. The bonds pay 12% and are offered for sale at a discounted amount of $45,000. The bonds pay monthly over a 29 year period. What is the effective interest rate of the bond? The answer is 14.62%

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