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]2 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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