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15. Calculating APR [L04] Elliott Credit Corp. wants to earn an effective annual re- x turn on its consumer loans of 17.1 percent per year.

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15. Calculating APR [L04] Elliott Credit Corp. wants to earn an effective annual re- x turn on its consumer loans of 17.1 percent per year. The bank uses daily compound- ing on its loans. What interest rate is the bank required by law to report to potential borrowers? Explain why this rate is misleading to an uninformed borrower

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