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Magnus Credit Corp. wants to earn an effective annual return on its consumer loans of 13.5 percent

Home / Blog / Magnus Credit Corp. wants to earn an effective annual return on its consumer loans of 13.5 percent

Magnus Credit Corp. wants to earn an effective annual return on its consumer loans of 13.5 percent

Magnus Credit Corp. wants to earn an effective annual return on its consumer loans of 13.5 percent

per year. The bank uses daily compounding on its loans.
Required:
What interest rate is the bank required by law to report to potential borrowers?

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