Question
Your bank will lend you $9,600 for 30 days at a cost of $102 interest. a. What is your annual rate of interest? (Use 365
Your bank will lend you $9,600 for 30 days at a cost of $102 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.)
Answer 1Choose...13.27%13.72%12.56%12.93%14.15% 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.)
Answer 2
Your bank will lend you $9,600 for 30 days at a cost of $102 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.) | Answer 1Choose...13.27%13.72%12.56%12.93%14.15% |
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.) | Answer 2 |
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Fiduciary Finance Investment Funds And The Crisis In Financial Markets
Authors: Martin Gold
1st Edition
1848448953, 9781848448957
