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Chapter 5, Problem 20P
Summary Introduction

To determine: The number of days it will take to pay off the mortgage without changing the EAR loan.

Introduction:

An effective annual rate is the interest rate that is actually earned at the end of one year. As the compounding period increases, the effective annual rate increases.

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Chapter 5 Solutions

Corporate Finance Plus MyLab Finance with Pearson eText -- Access Card Package (4th Edition) (Berk, DeMarzo & Harford, The Corporate Finance Series)

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