Question
Elliott Credit Corp. wants to earn an effective annual return on its consumer loans of 13 percent per year. The bank uses daily compounding on
Elliott Credit Corp. wants to earn an effective annual return on its consumer loans of 13 percent per year. The bank uses daily compounding on its loans. What intetest rate is the bank required by law to report to potential borrowers?
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Financial management theory and practice
Authors: Eugene F. Brigham and Michael C. Ehrhardt
12th Edition
978-0030243998, 30243998, 324422695, 978-0324422696
