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Marcela took out a $600 discounted loan with a 4% annual interest rate over a period of 8 months. What is the effective annual interest rate for the loan? Round to two decimal p…

Marcela took out a $600 discounted loan with a 4% annual interest rate over a period of 8 months. What is the effective annual interest rate for the loan? Round to two decimal p…
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Marcela took out a $600 discounted loan with a 4% annual interest rate over a period of 8 months. What is the effective annual interest rate for the loan? Round to two decimal places.

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User Knoothe
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8.5k points

1 Answer

5 votes
The answer should be $16
answered
User Timothyzhang
by
8.2k points
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