Robert Williams borrowed $15,550 from a bank for three years. If the quoted rate (APR) is 4.40 percent, and the compounding is daily, what is the effective annual interest rate (EAR)? (Round answer to 2 decimal places e.g. 15.25%. Use 365 days for calculation.)
Effective annual rate for daily compounding is below:
EAR=(1+( APR/365))^365)-1
=((1+(4.4%/365))^365)-1
the answer is 4.50%
Robert Williams borrowed $15,550 from a bank for three years. If the quoted rate (APR) is...
Edward Lewis borrowed $15,550 from a bank for three years. If the quoted rate (APR) is 5.40 percent, and the compounding is daily, what is the effective annual interest rate (EAR)? (Round answer to 2 decimal places e.g. 15.25%. Use 365 days for calculation.)
Problem 6.17 lames Smith borrowed $15,550 from a bank for three years. If the quoted rate (APR) is 4.00 percent, and the compounding is daily, what is the effective annual interest rate (EAR)? (Round answer to 2 decimal places e.g. 15.25%. Use 365 days for calculation.) Effective Annual interest rate
Gr ce Period: 3 days left | Register N PRINTER VERSIONBACK NEXT Problem 6.17 [ Your answer is incorrect. Try again. William Brown borrowed $15,550 from a bank for three years. If the quoted rate (APR) is 7.30 percent, and the compounding is daily, what isthe effective annual interest rate (EAR)? (Round answer to 2 decimal places e.g 15.25%. Use 365 days for calculation.) Effective Annual interest rate 23.54% Question Attempts: 1 of 2 used SAVE FOR LATER SUBMIT ANSWER...
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