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Wyatt is paying back a loan with a nominal interest rate of 13.62%. If the interest is compounded quarterly, how much greater is Wyatt’s effective interest rate than his nominal interest rate The correct
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Nov 26, 2018
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Wyatt is paying back a loan with a nominal interest rate of 13.62%. If the interest is compounded quarterly, how much greater is Wyatt’s effective interest rate than his nominal interest rate
The correct answer is
D.0.71 percent points
Mathematics
college
Bachrc
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R=(1+i/m)^m)-1
R=(1+0.1362/4)^4)-1=0.1433*100=14.33%
So 14.33%-13.62%=0.71
Bob Roberts
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Dec 1, 2018
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