Question
You plan to apply for a loan from Bank of America. The nominal annual interest rate for this loan is 10.76 percent, compounded daily (with
You plan to apply for a loan from Bank of America. The nominal annual interest rate for this loan is 10.76 percent, compounded daily (with a 365-day year). What is the effective annual rate, or EAR (annual percentage yield), of this loan?
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International Finance Theory and Policy
Authors: Paul R. Krugman, Maurice Obstfeld, Marc J. Melitz
10th edition
978-0133425895, 133425894, 978-0133423631, 133423638, 978-0133423648
