If an eight-day single payment loan has a periodic interest rate of 11.1%, what is the approximate effective interest rate of the loan?

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16-05-2018
Mathematics

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If an eight-day single payment loan has a periodic interest rate of 11.1%, what is the approximate effective interest rate of the loan?

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jushmk jushmk · Answer 1 · 2018-05-27T09:03:54+02:00

jushmk jushmk

27-05-2018

Effective interest rate= Daily interest rat = Annual interest rate/number of days in a year

Annual interest rate = 11.1%
Number of days in a year = 365

Therefore,
Effective interest rate = 11.1/365 = 0.03%

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calebahsha calebahsha · Answer 2 · 2018-11-15T16:45:45+01:00

calebahsha calebahsha

15-11-2018

12,081.6% for apex,.........,,.,.,.,.,.,

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