What is effective annual rate and annual percentage yield

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You plan to apply for a loan from Bank of America. The nominal annual interest rate for this loan is 18.25 percent, compounded daily (with a 365-day year). What is the effective annual rate, or EAR (annual percentage yield), of this loan? Round the answer to two decimal places in percentage form. (Write the percentage sign in the "units" box) Your Answer:

Reference no: EM131517213

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