You have a loan where you are being charged an effective annual rate of interest of 26.9%.
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Question:
You have a loan where you are being charged an effective annual rate of interest of 26.9%. You make payments on the loan two times a month. Therefore you make 24 payments per year. What is the effective periodic rate of interest (effective twice a month rate) that you are being charged? Your answer should be shown as a percentage and it should be accurate tofour (4)decimal places. |
Related Book For
Engineering Economy
ISBN: 978-0132554909
15th edition
Authors: William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
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