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Problem 6-4 Elliott Credit Corporation wants to earn an effective annual return on its consumer loans of 16 percent per year. The bank uses daily

Problem 6-4

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Elliott Credit Corporation wants to earn an effective annual return on its consumer loans of 16 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 O 16.33% 16.00% 0 13.36% 14.85% 17.35%

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