If you borrow $4,600 at $850 interest for one year, what is your effective interest rate for the following payment plans? (Input youranswers as a percent rounded to 2 decimal places.)X Answer is complete but not entirely correct.a.b.Annual paymentSemiannual paymentsC. Quarterly paymentsd.Monthly paymentsEffective Rate of Interest18.48 %19.33 X %19.80 X %20.13 X %

The Effective Annual Rate (EAR), also known as the annual equivalent rate (AER) or annual percentage…

If you borrow $4,600 at $850 interest for one year, what is your effective interest rate for the following payment plans? answers as a percent rounded to 2 decimal places.) a. b. C. d. > Answer is complete but not entirely correct. Annual payment Semiannual payments Quarterly payments Monthly payments Effective Rate of Interest 18.48 % 19.33 X % 19.80 X % 20.13%

If you borrow $4,600 at $850 interest for one year, what is your effective interest rate for the following payment plans? answers as a percent rounded to 2 decimal places.) a. b. C. d. > Answer is complete but not entirely correct. Annual payment Semiannual payments Quarterly payments Monthly payments Effective Rate of Interest 18.48 % 19.33 X % 19.80 X % 20.13%

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter7: Using Consumer Loans

Section: Chapter Questions

Problem 7FPE: Calculating interest and APR of installment loan. Assuming that interest is the only finance charge,...

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