Vandermark Credit Corp. wants to earn an effective annual return on its consumer loans of 14.5 percent per year. The bank uses daily compounding on its loans. What interest rate is the bank required by law to report to potential borrowers? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16. Use 365 days in a year.) Interest rate
What interest rate is the bank required by law to report to potential borrowers
=(((1+14.5%)^(1/365))-1)*365
=13.54%
the above will be the answer..
Vandermark Credit Corp. wants to earn an effective annual return on its consumer loans of 14.5...
Vandermark Credit Corp. wants to earn an effective annual return on its consumer loans of 16.25 percent per year. The bank uses daily compounding on its loans. What interest rate is the bank required by law to report to potential borrowers? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16. Use 365 days in a year.) Interest rate
need help with this question.
Elliott Credit Corp, wants to earn an effective annual return on its consumer loans of 15.7 percent per year. The bank uses daily compounding on its loans. What interest rate is the bank required by law to report to potential borrowers? (Use 365 days a year. Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 3216.) Interest rate ces
Credit Company wants to earn an effect annual return on its consumer loans of 14.25% per year. The bank uses daily compounding on its loans. What interest rate is the bank required by law to report to potential borrowers? Please show all answers and calculations.
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A firm offers terms of 1/10, net 30. What effective annual interest rate does the firm earn when a customer does not take the discount? (Use 365 days a year. Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) b. What effective annual interest rate does the firm earn if the terms are changed to 2/10, net 30, and the customer does not take the discount? (Use 365 days a year. Do not round...