Question
A bank advertises a nominal annual interest rate of 7.57.5 % on a loan. However, interest is compounded monthly. In decimal form, what is the
A bank advertises a nominal annual interest rate of
7.57.5 %
on a loan. However, interest is compounded monthly. In decimal form, what is the effective interest rate on the loan?
In decimal form, what is the effective interest rate on the loan?
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Management Accounting Text Problems And Cases
Authors: M Y Khan, P K Jain
6th Edition
125902668X, 978-1259026683
