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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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Experiences With Financial Liberalization
Authors: K. L. Gupta
1st Edition
079239853X, 978-0792398530
