Your bank will lend you $2,800 for 45 days at a cost of $37 interest....
50.1K
Verified Solution
Link Copied!
Question
Finance
Your bank will lend you $2,800 for 45 days at a cost of $37 interest. a. What is your annual rate of interest? (Use 365 days in a year. Do not round intermediate calculations. Round the final answer to 2 decimal places.) Annual rate of interest b. What is your effective annual rate? (Use 365 days in a year. Do not round intermediate calculations, Round the final answer to 2 decimal places.) Effective annual rate
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
