A bank is designing a new account that pays interest quarterly. They wish to pay, effectively, 16%
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A bank is designing a new account that pays interest quarterly. They wish to pay, effectively, 16% per year on this account. They want to advertise the annual percentage rate on this new account instead of the effective rate since its competitors state their interest on annualized basis. What is the APR (annual percentage rate) that corresponds to an effective rate of 16% for this new account?
Related Book For
Business Math
ISBN: 978-0133011203
10th edition
Authors: Cheryl Cleaves, Margie Hobbs, Jeffrey Noble
Posted Date: