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Barcain Credit Corp. wants to earn an effective annual return (EAR) on its consumer loans of 11 percent per year. The bank uses daily compounding
| Barcain Credit Corp. wants to earn an effective annual return (EAR) on its consumer loans of 11 percent per year. The bank uses daily compounding on its loans. |
| Required: |
| What interest rate is the bank required by law to report to potential borrowers (i.e. what is the APR under daily compounding)? |
rev: 09_17_2012
Multiple Choice
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11.00%
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9.39%
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11.63%
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11.48%
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10.44%
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Essentials Of Accounting For Governmental And Not-for-Profit Organizations
Authors: Paul A Copley
11th Edition
0078025451, 9780078025457
