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Sav [38]
3 years ago
11

If the effective annual interest rate of a loan is 14.6%, what is the nominal annual interest rate, correct to one decimal

Mathematics
1 answer:
Svetradugi [14.3K]3 years ago
4 0

Answer:

13.7%

Step-by-step explanation:

Nominal interest rate = (\sqrt[m]{1 + effective annual interest rate} - 1 \ ) m  

where m = number of compounding = 12

(\sqrt[12]{1.146} - 1 ) x 12 = 0.137054 = 13.7%

To round to one decimal place means that there should be only one figure after the decimal place.

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A book is on sale for $6 off of the regular $24 price. What percent is the discount?
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The linear equation that models the cost for having x additional family members added is:

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Need help! Anyone know?
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