Bank a offers loans at an 8 percent nominal rate its apr, Financial Management

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Bank a offers loans at an 8 percent nominal rate its apr

Bank A offers loans at an 8 percent nominal rate (its APR), but requires that interest be paid quarterly; that is, it uses quarterly compounding. Bank B wants to charge the same effective rate on its loans, but it wants to collect interest on a monthly basis, that is, use monthly compounding. What nominal rate must Bank B set?

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Financial Management: Bank a offers loans at an 8 percent nominal rate its apr

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Financial Management: Bank a offers loans at an 8 percent nominal rate its apr

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