Question
You are considering a car loan with a stated APR of 5.29% based on monthly compounding. What is the effective annual rate of this loan?
You are considering a car loan with a stated APR of 5.29% based on monthly compounding. What is the effective annual rate of this loan?
Question content area bottomPart 1
The effective annual rate is %
(Round to two decimal places.)
(Note: Be careful not to round any interme
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The New Microfinance Handbook A Financial Market System Perspective
Authors: Joanna Ledgerwood, Julie Earne, Candace Nelson
1st Edition
0821389270, 978-0821389270
