[Solved] What is the annual percentage rate (APR)

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What is the annual percentage rate (APR) on a loan that charges interest of 0.61 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 0.61 percent per month? (Round answer to 2 decimal places, e.g., 2.25.)

Annual percentage rate

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(b)


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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

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