Assuming daily repayment and compounding rate of interest

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You borrow a $328,000 add-on interest loan from the credit union and will repay in equal installments over 19 years. The nominal rate of interest is 4.5 %. Assuming daily repayment and compounding rate of interest, obtain the annual percentage rate. a. 9.88% b. 10.38% c. 10.88% d. 11.38%

Reference no: EM131322471

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Assuming daily repayment and compounding rate of interest : You borrow a $328,000 add-on interest loan from the credit union and will repay in equal installments over 19 years. The nominal rate of interest is 4.5 %. Assuming daily repayment and compounding rate of interest, obtain the annual percentage rate.

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