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Homework answers / question archive / You are quoted an APR (annual percentage rate) of

You are quoted an APR (annual percentage rate) of

Finance

You are quoted an APR (annual percentage rate) of .0888 on a loan. The APR is a stated rate. The loan has monthly compounding.

  1. What is the periodic monthly rate?
  2. What is the equivalent effective semiannual rate?

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