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How is the APR calculated for the problem below using a financial calculator instead of a formula? 15. Calculating APR. Vandermark Credit Corp. wants to

How is the APR calculated for the problem below using a financial calculator instead of a formula? image text in transcribed
15. Calculating APR. Vandermark Credit Corp. wants to earn an effective annual return on its consumer loans of 14.2 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? Explain why this rate is misleading to an uninformed borrower

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