Question
Cyclone Rentals borrowed $25,000 from a bank. If the quoted rate (APR) is 13.5% and interest is compounded monthly, what is the effective annual rate
Cyclone Rentals borrowed $25,000 from a bank. If the quoted rate (APR) is 13.5% and interest is compounded monthly, what is the effective annual rate (EAR)?
| a. 13.65% | ||
| b. 13.80% | ||
| c. 13.88% | ||
| d. 14.20% | ||
| e. 14.37% |
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The Future Of Financea The LSE Report
Authors: Chairman Adair Turner, Paul Woolley, Andrew Dr Haldane, Richard Layard, Andrew G. Haldane, Paul Wooley
1st Edition
085328458X, 978-0853284581
