A local finance company quotes an interest rate of 18.4 percent on one-year loans. So, if you
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A local finance company quotes an interest rate of 18.4 percent on one-year loans. So, if you borrow $20,000, the interest for the year will be $3,680. Because you must repay a total of $23,680 in one year, the finance company requires you to pay $23,680/12, or $1,973.33, per month over the next 12 months. Is the interest rate on this loan 18.4 percent? What rate would legally have to be quoted? What is the effective annual rate?
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Related Book For 
Fundamentals Of Corporate Finance
ISBN: 9781265553609
13th Edition
Authors: Stephen Ross, Randolph Westerfield, Bradford Jordan
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