Question
Vandermark Credit Corp. wants to earn an effective annual return on its consumer loans of 18.5 percent per year. The bank uses daily compounding on
Vandermark Credit Corp. wants to earn an effective annual return on its consumer loans of 18.5 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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Principles Of Financial Management
Authors: Haim Levy, Marshall Sarnat
1st Edition
0137097751, 978-0137097753
