Question
You plan to apply for a loan from Bank of America. The nominal annual interest rate for this loan is 15.47 percent, compounded daily (
You plan to apply for a loan from Bank of America. The nominal annual interest rate for this loan is 15.47 percent, compounded daily ( with a 365 day year). What is the effective annual rate, or annual percentage yield of this loan. Round the answer to two decimal places in percentage form.
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The Economics Of Money Banking And Financial Markets
Authors: Frederic Mishkin
13th Global Edition
1292409487, 978-1292409481
