Question: Please answer this question in detail Problem 1 (20 points) Royal International Bank (RIB) charges an interest rate of 1.25% per month on loans to

Please answer this question in detail
Please answer this question in detail Problem 1 (20 points) Royal International

Problem 1 (20 points) Royal International Bank (RIB) charges an interest rate of 1.25% per month on loans to its customers. Like all lenders, RIB must report an annual percentage rate (APR) to customers. What should the bank report? What is the effective annual rate (EAR)? 15 noints and make semi

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