Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Your bank will lend you $ 4 , 9 0 0 for 6 5 days at a cost of $ 5 0 interest. What is

Your bank will lend you $4,900 for 65 days at a cost of $50 interest.
What is your effective rate of interest?
Note: Use a 360-day year. Do not round intermediate calculations. Input your answer as a percent rounded to 2 decimal places.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Advanced Financial Risk Management Enterprise Wide Risk Management In Theory And Practice

Authors: Donald Van Deventer, Kenji Imai, Mark Mesler

3rd Edition

1547416157, 9781547416158

More Books

Students also viewed these Finance questions

Question

What do I enjoy doing? What kinds of skills does this require?

Answered: 1 week ago