Question
You plan to apply for a loan from Bank of America. The annual interest rate for this loan is 7.67 percent, compounded daily (with a
You plan to apply for a loan from Bank of America. The 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 in percentage form.
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International Financial Management
Authors: Geert Bekaert, Robert Hodrick
3rd edition
1107111820, 110711182X, 978-1107111820
