What is the effective annual rate or ear annual percentage
Stella plans to apply for a loan from Bank of America. The nominal annual interest rate for this loan is 15.50 percent, compounded daily (with a 365-day year). What is the effective annual rate, or EAR (annual percentage yield), of this loan?
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stella plans to apply for a loan from bank of america the nominal annual interest rate for this loan is 1550 percent
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