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Determine the effective annual interest rate

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A business receives $235,648.98 today from its bank and signs a one-year note that has a maturity value of $250,000.00. Determine the effective annual interest rate on this loan, and determine the nominal annual rate assuming semiannual compounding. You may find the following form helpful.

Half-Year

Half-Year Start of Period

Interest at ?%

Loan Balance at End of Period

First

$235,648.98

 

 

Second

 

 

$250,000.00

 

Reference no: EM13506746

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