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Author Question: East Coast Bank offers to lend you $27,000 at a nominal rate of8.5%, compounded monthly. The loan ... (Read 55 times)

amymoore

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on: Aug 7, 2023

Question 1

By law, credit card issuers must print the annual percentage rate (APR) on their monthly statements. If the APR is stated to be24%, with interest paid monthly, what is the card’s EFF percentage?

◦

26.82%


◦

27.56%


◦

28.54%


◦

29.73%



Question 2

East Coast Bank offers to lend you $27,000 at a nominal rate of8.5%, compounded monthly. The loan (principal plus interest) must be repaid at the end of the year. Midwest Bank also offers to lend you the $27,000, but it will charge an annual rate of9.3%, with no interest due until the end of the year. What is the difference in the effective annual rates charged by the two banks?

◦

0.39%


◦

0.46%


◦

0.64%


◦

0.54%

Financial Management: Theory and Practice ¦ Brigham, Ehrhardt, Gessaroli, Nason ¦ 4th Edition
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Marked as best answer by amymoore on Aug 7, 2023

FireandIce

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Reply #1 on: Aug 7, 2023
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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amymoore

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Reply 2 on: Aug 7, 2023
Thanks for the timely response, appreciate it

xiazhe

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Reply 3 on: Yesterday
Wow, this really help

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