Question
You plan to apply for a loan from Bank of America. The nominal annual interest rate for this loan is 14.97 percent, compounded daily (with
You plan to apply for a loan from Bank of America. The nominal annual interest rate for this loan is 14.97 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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Personal Finance
Authors: Jack Kapoor, Les Dlabay, Robert J. Hughes, Arshad Ahmad, Jordan Fortino
6th Canadian edition
1259453146, 978-1259453144
