Question
You plan to apply for a loan from Bank of America. The nominal annual interest rate for this loan is 18.76 percent, compounded daily (with
You plan to apply for a loan from Bank of America. The nominal annual interest rate for this loan is 18.76 percent, compounded daily (with a 365-day year). What is the effective annual rate, or EAR (annual percentage yield), of this loan?
Round the answer to two decimal places in percentage form.
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Finance For Freelancers Financial Intelligence
Authors: Andrew Holmes
1st Edition
1408101165, 978-1408101162
