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P6-15 Calculating APR (LO4] Barcain Credit Corp. wants to earn an effective annual return (EAR) on its consumer loans of 14 percent per year. The

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P6-15 Calculating APR (LO4] Barcain Credit Corp. wants to earn an effective annual return (EAR) on its consumer loans of 14 percent per year. The bank uses daily compounding on its loans. Required: What interest rate is the bank required by law to report to potential borrowers (ie. what is the APR under daily compounding)

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