A loan is offered with monthly payments and a 17.00 percent APR. What’s the loan’s effective...
A loan is offered with monthly payments and a 17.00 percent APR. What’s the loan’s effective annual rate (EAR)? (Do not round intermediate calculations and round your final answer to 2 decimal places.)
Homework Answers
| Effective annual Interest rate | = | 18.39% | |
| Workings: | |||
| Nominal interest rate (r) | = | 17% | |
| Period (n) | = | 12 | months |
| Effective annual Interest rate | = | (1 + r/n) ^ n - 1 | |
| = | (1 + 0.17/12) ^ 12 - 1 | ||
| = | 18.39% | ||
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