Answer to Question #233744 in Civil and Environmental Engineering for Alan Enrico V Tuib

Question #233744
At the Central Furniture Company, customers who buy on credit pay an effective annual interest rate of 16.1%, based on monthly compounding. What is the nominal annual interest rate that they pay?
1
Expert's answer
2021-09-14T01:54:00-0400


Customers who buy on credit pay an effective annual interest rate of 16.1%, based on monthly compounding then the nominal annual interest rate that they pay will be 15%.

Need a fast expert's response?

Submit order

and get a quick answer at the best price

for any assignment or question with DETAILED EXPLANATIONS!

Comments

No comments. Be the first!

Leave a comment

LATEST TUTORIALS
New on Blog
APPROVED BY CLIENTS