Fill This Form To Receive Instant Help
Fill This Form To Receive Instant Help
Homework answers / question archive / If the nominal interest rate on a used car loan is 9
Given, the interest is compounding daily, the number of days, n=365
Effective interest rate=((1+(nominal interest rate/n))^n)-1
=((1+(9.75%/365))^365)-1
=1.102397-1
=10.24%
Effective interest rate=10.24%
