Vandermark Credit Corp. wants to earn an effective annual return on its consumer loans of 13.75 percent per year. The bank uses daily compounding on its loans. What interest rate is the bank required by

My account
Edit my Profile
Private messages
My favorites

Ask a Question
Questions
Unanswered
Tags
Categories
Ask a Question

asked Nov 15, 2021 198k views

2 votes

Business
college

Zachariahyoung asked

by Zachariahyoung

7.6k points

0 Comments

Please log in or register to add a comment.

Please log in or register to answer this question.

1 Answer

3 votes

Answer:

12.89%

Step-by-step explanation:

By using formula:

APR = [(1+EAR)^(1÷n)-1]×n

I hope it will help you a lot!

Vandermark Credit Corp. wants to earn an effective annual return on its consumer loans-example-1

Hbgamra answered Nov 21, 2021

by Hbgamra

8.0k points

0 Comments

Please log in or register to add a comment.

← Prev Question Next Question →

Related questions

asked Sep 2, 2021 209k views

Vandermark Credit Corp. wants to earn an effective annual return on its consumer loans of 14.75 percent per year. The bank uses daily compounding on its loans. What interest rate is the bank required by

Metheny asked Sep 2, 2021

by Metheny

8.7k points

Business
college

1 answer

4 votes

209k views

Ask a Question

Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.5m questions

12.2m answers

0 Comments

Please log in or register to add a comment.

Please log in or register to answer this question.

1 Answer

APR = [(1+EAR)^(1÷n)-1]×n

0 Comments

Please log in or register to add a comment.

Related questions

Other Questions