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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?
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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?

User Rodzmkii
by
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2 Answers

4 votes

Answer:

0.71 Percentage Points

Explanation:

Got it right on Edge E2020

User Kushtrimh
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7.4k points
4 votes
0.71 percentage points
User Nstuyvesant
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7.9k points
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