mark1980 mark1980

06-07-2017
Mathematics

contestada

Joel takes out a loan with a stated rate of 11.85% interest. If the interest is calculated weekly, how much greater is Joel’s effective rate than his stated rate?

Respuesta :

Aliwohaish12 Aliwohaish12

06-07-2017

Effective interest rate is
R=((1+0.1185÷52)^(52)−1)×100=12.57%

How much greater
12.57−11.85=0.72%

Answer Link

cGillette21 cGillette21

04-08-2021

Effective interest rate is

R=((1+0.1185÷52)^(52)−1)×100=12.57%

How much greater

12.57−11.85=0.72%

Answer Link

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