Question
You plan to apply for a loan from Bank of America. The nominal annual interest rate for this loan is 19.40 percent, compounded daily (with
You plan to apply for a loan from Bank of America. The nominal annual interest rate for this loan is 19.40 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. (Write the percentage sign in the "units" box)
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Entrepreneurial Finance
Authors: J. Chris Leach, Ronald W. Melicher
6th edition
1305968352, 978-1337635653, 978-1305968356
