Question
You plan to apply for a loan from Bank of America. The nominal amount 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 amount 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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Financial Accounting A User Perspective
Authors: Robert E Hoskin, Maureen R Fizzell, Donald C Cherry
6th Canadian Edition
470676604, 978-0470676608
