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You are paying a loan with an annual effective rate (EFF) of interest of 6.75%, paid monthly. Calculate: a)The monthly rate of interest b)The annual
You are paying a loan with an annual effective rate (EFF) of interest of 6.75%, paid monthly. Calculate:
- a)The monthly rate of interest
- b)The annual nominal rate of interest
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Financial Markets and Institutions
Authors: Jeff Madura
11th Edition
1133947875, 9781305143005, 1305143000, 978-1133947875
