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Mr. miser loans money at an annual rate of 22 percent. interest is compounded daily. what is the actual rate mr. miser is charging on his loans?
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Mr. miser loans money at an annual rate of 22 percent. interest is compounded daily. what is the actual rate mr. miser is charging on his loans?
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Jun 26, 2019
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Mr. miser loans money at an annual rate of 22 percent. interest is compounded daily. what is the actual rate mr. miser is charging on his loans?
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EAR
= [1 + (0.23 / 365)]365 - 1
= 25.85 percent
Wulf
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Jul 1, 2019
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Wulf
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