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Economics - Financial Markets
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OpenStudy (anonymous):
The company offers you a 42-day term loan with an interest rate of 6.8% . What is the effective interest rate on this loan? [express your answer in percentage rounded to two decimal places]
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OpenStudy (rane):
r = [1 + (i/n)]n - 1 = (1 + (6.8/42) 42 - 1 ) = 7.031%
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