Question
You plan to apply for a loan from Bank of America. The nominal annual interest rate for this loan is 7.67 percent, compounded daily (with
You plan to apply for a loan from Bank of America. The nominal annual interest rate for this loan is 7.67 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.All the work has to be shown!
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Principles of managerial finance
Authors: Lawrence J Gitman, Chad J Zutter
12th edition
9780321524133, 132479540, 321524136, 978-0132479547
