Your bank will lend you $6,800 for 30 days at a cost of $85 interest. a. What
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Question:
Your bank will lend you $6,800 for 30 days at a cost of $85 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.)
The 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 %_______________________
Related Book For
Foundations of Financial Management
ISBN: 978-1259194078
15th edition
Authors: Stanley Block, Geoffrey Hirt, Bartley Danielsen
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