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Can someone explain how it's 6.30%? A friend borrows money from you to pay for an expensive car repair. They promise to pay interest semiannually
Can someone explain how it's 6.30%?
A friend borrows money from you to pay for an expensive car repair. They promise to pay interest semiannually with an EAR of 13%. What is the periodic interest rate applicable semiannually? 5.04% 7.56% 6.30% 12.60% Step by Step Solution
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