You intend to submit a loan application to Bank of America. The loan bears a nominal annual interest rate of 18.13 percent, subject to daily compounding based on a 365-day year. Could you please provide me with the annual percentage yield (APY) or effective annual rate (EAR) for this loan?

Please express the answer in percentage format, rounded to two decimal places.

Answer rating: 100% (QA)

To calculate the Annual Percentage Yield APY or Effective Annual Rate EAR f... View the full answer