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lys-0071 [83]
3 years ago
7

Vandermark Credit Corp. wants to earn an effective annual return on its consumer loans of 14.75 percent per year. The bank uses

daily compounding on its loans. What interest rate is the bank required by law to report to potential borrowers
Business
1 answer:
gulaghasi [49]3 years ago
4 0

Answer:

13.76%

Explanation:

The computation of the interest rate required by law is shown below:

As we know that

Effective annual rate = (1 + Annual percentage rate ÷ number of days)^number of days - 1

0.1475 = (1 + Annual percentage rate ÷ 365)^365 - 1

(0.1475 + 1) = (1 + Annual percentage rate ÷ 365)^365

(1.1475)^ × (1 ÷ 365) = 1 + Annual percentage rate ÷ 365

So, the Annual percentage rate is

= [(1.1475)^ × (1 ÷ 365) - 1] × 365

= 0.1376

= 13.76%

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What is teaching? name the manpower related to the teaching sector. <br><br>​
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Answer:

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<u></u>

<u>1. Teaching</u>

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Teaching takes place in schools and the out-of-school environment.

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3 years ago
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