A firm took a one-year loan of $30,000 from a bank. Given the nominal interest rate is 6% p.a. and interest is to be paid at the end of the loan. The effective interest rate of the loan (rounded to one decimal place) is ______ . Question 4 options: 1) 6.0% p.a. 2) 6.4% p.a. 3) 6.6% p.a.
A firm took a one-year loan of $30,000 from a bank. Given the nominal interest rate is 6% p.a. and interest is to be paid at the end of the loan. The effective interest rate of the loan (rounded to one decimal place) is ______ . Question 4 options: 1) 6.0% p.a. 2) 6.4% p.a. 3) 6.6% p.a.
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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A firm took a one-year loan of $30,000 from a bank. Given the nominal interest rate is 6% p.a. and interest is to be paid at the end of the loan. The effective interest rate of the loan (rounded to one decimal place) is ______ .
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