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Calculate the interest payment venanzio ltd

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Reference no: EM132611407

Venanzio Ltd is looking some additional short-term funding. Vova Bank is offering Venanzio Ltd a discounted loan at 22% per annum for 90 days.

Question a) Calculate the interest payment Venanzio Ltd has to pay at the end of 90 days if it takes a loan of $3.8 million.

Question b) Calculate the effective interest rate on the loan from Vova Bank.

Question c) Explain why the effective interest rate on the loan from Vova Bank is different from the stated rate.

Reference no: EM132611407

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