Question
1a.) Calculate the annual effective cost of a $19,927 loan with an APR of 5.6%, compounded annually, with a compensating balance requirement of 12% NOTE:
1a.) Calculate the annual effective cost of a $19,927 loan with an APR of 5.6%, compounded annually, with a compensating balance requirement of 12% NOTE: Answer in percentages. If your answer is 0.0204, you must answer 2.04. Do not use the "%" sign.
1b.) Calculate the annual effective cost of a $23,084 loan with an APR of 6.02%, compounded annually, with a 0.69% loan origination fee NOTE: Answer in percentages. If your answer is 0.0204, you must answer 2.04. Do not use the "%" sign.
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Financial Markets And Institutions
Authors: Anthony Saunders, Marcia Millon Cornett
1st International Edition
0071181334, 9780071181334
