Your bank will lend you $$2,800$ for $45$ days at a cost of $$37$ interest.

a$.$ What is your annual rate of interest? $($Use $365$ days in a year. Do not round intermediate calculations. Round the final answer to $2$ decimal places.$)$

Annual rate of interest $\%$

b$.$ What is your effective annual rate? $($Use $365$ days in a year. Do not round intermediate calculations. Round the final answer to $2$ decimal places.$)$

Effective annual rate $\%$

Prev

$3$ of $4$

Next

Search

$7$:$34$ PN

$\frac{4}{6}\frac{?}{202}$

Allcar