Page 1 of 1
If you have a $85,672 line of credit at 4.9%, and the commitment fee is 1.6%, what is the effective annual interest rate
Posted: Wed May 04, 2022 7:21 am
by answerhappygod
- If You Have A 85 672 Line Of Credit At 4 9 And The Commitment Fee Is 1 6 What Is The Effective Annual Interest Rate 1 (17.77 KiB) Viewed 33 times
If you have a $85,672 line of credit at 4.9%, and the commitment fee is 1.6%, what is the effective annual interest rate if your average daily balance is $60,844? Remember to express your answer in decimal format, not as a percentage. Therefore, if your answer is 7.65%, you should enter in 0.0765 with four significant digits after the decimal.