You are the proud new owner of a restaurant you have decided to call Calamaris....
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Finance
You are the proud new owner of a restaurant you have decided to call Calamaris. 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 Calamaris. 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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