Elliott Credit Corporation wants to earn an effective annual return on its consumer loans of 10 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? 29:48 Multiple Choice OR Inces 8.58% 10.52% 10.49% 9.53% A local finance company quotes a 17 percent interest rate on one-year loans. So, if you borrow $20,000, the Interest for the year will be $3,400. Because you must repay a total of $23,400 in one year, the finance company requires you to pay $23,400/12, or $1,950.00 per month over the next 12 months. a. What rate would legally have to be quoted? 1:29:24 Annual percentage rate look fences b. What is the effective annual rate? Effective annual rate