Cyclone Rentals borrowed $15,550 from a bank for three years. If the q
QUESTION
Cyclone Rentals borrowed $15,550 from a bank for three years. If the quoted rate (APR) is 6.75 percent, and the compounding is daily, what is the effective annual interest rate (EAR)?
365*3) A = $ 19040 Interest = A Borrowed amount = $ 19040 15550 = $3490
ANSWER:
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