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Mr. miser loans money at an annual rate of 22 percent. interest is compounded daily. what is the actual rate mr. miser is charging on his loans?
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5 votes
Mr. miser loans money at an annual rate of 22 percent. interest is compounded daily. what is the actual rate mr. miser is charging on his loans?

User Hslugs
by
8.2k points

1 Answer

4 votes
EAR

= [1 + (0.23 / 365)]365 - 1

= 25.85 percent
User Wulf
by
8.7k points
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