Barcain Credit Corp. wants to earn an effective annual return on its
consumer loans of 14.3 percent per year. The bank uses daily compounding
on its loans. What interest rate is the bank required by law to report
to potential borrowers? (Use 365 days a year. Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16))
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Sunday 10 March 2013
Barcain Credit Corp. wants to earn an effective annual return on its consumer loans of 14.3 percent per year. The bank uses daily compounding on its loans. What interest rate is the bank required by law to report to potential borrowers? (Use 365 days a year. Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16))
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