Question
Credit Company wants to earn an effect annual return on its consumer loans of 14.25% per year. The bank uses daily compounding on its loans.
Credit Company wants to earn an effect annual return on its consumer loans of 14.25% per year. The bank uses daily compounding on its loans. What interest rate is the bank required by law to report to potential borrowers? Please show all answers and calculations.
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Contemporary Financial Management
Authors: Don Cyr, Alfred Kahl, William Rentz, R. Moyer
1st Edition
017616992X, 978-0176169923
