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Joel takes out a loan with a stated rate of 11.85% interest. If the interest is calculated weekly, how much greater is Joel’s effective rate than his stated rate?
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Jul 3, 2018
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Joel takes out a loan with a stated rate of 11.85% interest. If the interest is calculated weekly, how much greater is Joel’s effective rate than his stated rate?
Mathematics
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Kevin Sylvestre
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Effective interest rate is
R=((1+0.1185÷52)^(52)−1)×100=12.57%
How much greater
12.57−11.85=0.72%
Bytebrite
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Jul 5, 2018
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Effective interest rate is
R=((1+0.1185÷52)^(52)−1)×100=12.57%
How much greater
12.57−11.85=0.72%
Raymond Martineau
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Jul 8, 2018
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