Question
What is the annual percentage rate (APR) on a loan that charges interest of 0.70 percent per month? (Round answer to 2 decimal places, e.g.,
What is the annual percentage rate (APR) on a loan that charges interest of 0.70 percent per month? (Round answer to 2 decimal places, e.g., 2.25.)
| Annual percentage rate | Type your answer here % |
(b)
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Your answer is incorrect.
What is the effective annual rate (EAR) on the loan described in (a)? (Round answer to 2 decimal places, e.g., 2.25.)
| Effective annual rate | Type your answer here % |
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Personal Finance
Authors: Richard Stanton
2nd Edition
1519662106, 978-1519662101
