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15. Calzon Credit Corp. wants to earn an effective annual return on its consumer loans of 18 percent per year. The bank uses daily compounding

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15. Calzon Credit Corp. wants to earn an effective annual return on its consumer loans of 18 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? 16. Easydoesit Life Insurance Company is selling a perpetuity contract that pays a $936 monthly. The contract currently sells for $93,600. What is the monthly return on this investment vehicle? What is the APR? The effective annual return? a. Monthly return = b. APR = c. EAR

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