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scoray
2 months ago
6

If an eight-day single payment loan has a periodic interest rate of 11.1%, what is the approximate effective interest rate of th

e loan?
Mathematics
2 answers:
babunello [11.8K]2 months ago
4 0
Effective interest rate = Daily interest rate = Annual interest rate/number of days per year

Annual interest rate = 11.1%
Days in a year = 365

Thus,
Effective interest rate = 11.1/365 = 0.03%.
babunello [11.8K]2 months ago
4 0

12,081.6% for apex,.........,,.,.,.,.,.,

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