Question
Vandermark Credit Corp. wants to earn an effective annual return on its consumer loans of 17.25 percent per year. The bank uses daily compounding on
Vandermark Credit Corp. wants to earn an effective annual return on its consumer loans of 17.25 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?
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Contemporary Financial Management
Authors: Don Cyr, Alfred Kahl, William Rentz, R. Moyer
1st Edition
017616992X, 978-0176169923
