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klasskru [66]
3 years ago
8

Joel takes out a loan with a stated rate of 11.85% interest. If the interest is calculated weekly, how much greater is Joel’s ef

fective rate than his stated rate?
Mathematics
1 answer:
Dmitry_Shevchenko [17]3 years ago
7 0
Effective interest rate is
R=((1+0.1185÷52)^(52)−1)×100=12.57%

How much greater
12.57−11.85=0.72%
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