How would the effective annual interest rate for Problem 28 change if the bank charged $1,000 in
Question:
In Problem 28, determine the effective annual interest rate on a $100,000 short-term loan, with a term of 245 days and a nominal interest rate of 8%. The bank discounts the interest.
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From Problem 28 I 536986 and c 365245 The total of the interest and clos...View the full answer
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Related Book For 
Construction accounting and financial management
ISBN: 978-0135017111
2nd Edition
Authors: Steven j. Peterson
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