EAR/APR 9. You are the proud new owner of a restaurant you have decided to...
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EAR/APR 9. You are the proud new owner of a restaurant you have decided to call "Calamari's". You have gone to a bank to see what they can offer you on a loan you need to update expand the restaurant, you currently own called Calamari's. The Bank of Rutland County is offering a nominal rate of 6.8%, compounded daily. It sounds like a good deal to you. But is it really? But what is the Effective Annual Interest Rate on this loan? Is this rate surprising to you and will you accept it
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