Mathematics, 11.04.2021 08:40 laraejackson75
If the effective annual interest rate of a loan is 14.6%, what is the nominal annual interest rate, correct to one decimal place, if interest compounds monthly?
Answers: 2
![(\sqrt[m]{1 + effective annual interest rate} - 1 \ ) m](/tpl/images/1251/2037/96a9b.png)
 ![\sqrt[12]{1.146}](/tpl/images/1251/2037/795e9.png)
- 1 ) x 12 = 0.137054 = 13.7%Another question on Mathematics
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If the effective annual interest rate of a loan is 14.6%, what is the nominal annual interest rate,...
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