You were offered either a simple interest note or a simple discount note with the following terms: $33,353 at 7% for 18 months.a. Calculate the effective interest rate. (Do not round intermediate calculations. Round your final answer to the nearest tenth percent.) Effective Interest Rate %
You were offered either a simple interest note or a simple discount note with the following terms: $33,353 at 7% for 18 months.a. Calculate the effective interest rate. (Do not round intermediate calculations. Round your final answer to the nearest tenth percent.) Effective Interest Rate %
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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You were offered either a simple interest note or a simple discount note with the following terms: $33,353 at 7% for 18 months.
a. Calculate the effective interest rate. (Do not round intermediate calculations. Round your final answer to the nearest tenth percent.)
| Effective Interest Rate | % |
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