Question
Suppose a bank offers to lend you $10,000 for 1 year on a loan contract that calls for you to make interest payments of $170.00
Suppose a bank offers to lend you $10,000 for 1 year on a loan contract that calls for you to make interest payments of $170.00 at the end of each quarter and then pay off the principal amount at the end of the year. What is the effective annual rate on the loan?
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Canadian Public Finance
Authors: Genevieve Tellier
1st Edition
1487594410, 978-1487594411
