Your bank will lend you $6,800 for 30 days at a cost of $85 interest. a. What

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Your bank will lend you $6,800 for 30 days at a cost of $85 interest.

a. What is your annual rate of interest? (Use 365 days in a year. Do not round intermediate calculations. Round the final answer to 2 decimal places.)

The annual rate of interest %_________________

b. What is your effective annual rate? (Use 365 days in a year. Do not round intermediate calculations. Round the final answer to 2 decimal places.)

Effective annual rate %_______________________

Related Book For answer-question

Foundations of Financial Management

ISBN: 978-1259194078

15th edition

Authors: Stanley Block, Geoffrey Hirt, Bartley Danielsen

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Posted Date: Mar 28, 2022 11:38 PM

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Your bank will lend you $6,800 for 30 days at a cost of $85 interest. a. What

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Foundations of Financial Management

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