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Verdich [7]
2 years ago
8

Wyatt is paying back a loan with a nominal interest rate of 13. 62%. If the interest is compounded quarterly, how much greater i

s Wyatt’s effective interest rate than his nominal interest rate? a. 0. 96 percentage points b. 0. 40 percentage points c. 0. 25 percentage points d. 0. 71 percentage points.
Business
1 answer:
lbvjy [14]2 years ago
6 0

Wyatt's<u> effective interest rate</u> would be greater than his <u>nominal interest rate </u>by 0. 71 percentage points.

The <em>nominal interest rate</em> is 13. 62% or 0.1362 that would be given an <em>effective rate of interest </em>as follows:

R=(1+\frac{i}{m})^{m}  -1\\=(1+\frac{0.1362}{4})^{4}  -1\\=0.1433

Here, the value of the effective rate of interest<u>,</u> that is 0.1433 that would be multiplied with 100 to get the <u>percentage value</u> of 14.33%

Hence, the <u>difference between effective and nominal interest rates</u> would be:

14.33-13.62\\=0.71

Learn more about the effective and nominal rates of interest here:

brainly.com/question/2787260

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