Elliott Credit Corp. wants to earn an effective annual return on its consumer loans of 15.9 percent per year. The bank u

Business, Finance, Economics, Accounting, Operations Management, Computer Science, Electrical Engineering, Mechanical Engineering, Civil Engineering, Chemical Engineering, Algebra, Precalculus, Statistics and Probabilty, Advanced Math, Physics, Chemistry, Biology, Nursing, Psychology, Certifications, Tests, Prep, and more.
Post Reply
answerhappygod
Site Admin
Posts: 899603
Joined: Mon Aug 02, 2021 8:13 am

Elliott Credit Corp. wants to earn an effective annual return on its consumer loans of 15.9 percent per year. The bank u

Post by answerhappygod »

Elliott Credit Corp Wants To Earn An Effective Annual Return On Its Consumer Loans Of 15 9 Percent Per Year The Bank U 1
Elliott Credit Corp Wants To Earn An Effective Annual Return On Its Consumer Loans Of 15 9 Percent Per Year The Bank U 1 (22.55 KiB) Viewed 42 times
Elliott Credit Corp. wants to earn an effective annual return on its consumer loans of 15.9 percent per year. The bank uses daily compounding on its loans. What interest rate is the bank required by law to report to potential borrowers? (Use 365 days a year. Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
Join a community of subject matter experts. Register for FREE to view solutions, replies, and use search function. Request answer by replying!
Top
Post Reply

Return to “Archived Questions & Answers”