Question
Bank of Fiji is offering a credit card that charges a nominal annual interest rate of 6.86 percent, compounded monthly, on overdue accounts. What is
Bank of Fiji is offering a credit card that charges a nominal annual interest rate of 6.86 percent, compounded monthly, on overdue accounts. What is the effective rate of interest on Bank of Fijis card?
NOTE you must enter your answer as a decimal (NOT a percentage) and round to 4 decimal places e.g. if your answer is 12.3478% then enter 0.1235
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Handbook Of Quantitative Finance And Risk Management
Authors: Cheng-Few Lee, John Lee
2010th Edition
0387771166, 978-0387771168
