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Calculating APR Calzon Credit Corp. wants to earn an effective annual return on its consumer loans of 6 . 2 0 % per year. The

Calculating APR

Calzon Credit Corp. wants to earn an effective annual return on its consumer loans of

6.20 %

per year. The bank uses daily compounding on its loans. What interest rate is the bank required by law to report to potential borrowers?

%

Points:

10

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