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Elliott Credit Corp. wants to earn an effective annual return on its consumer loans of 12 percent per year. The bank uses daily compounding on

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Elliott Credit Corp. wants to earn an effective annual return on its consumer loans of 12 percent per year. The bank uses daily compounding on its loans. What interest rate is the bank required by law to report to potential borrowers? Multiple Choice 10.20% 12.47% 11.33% 12.00%

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