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What is the actual rate mr banker is charging

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Reference no: EM132741642

Problem 1: Mr. Banker loans money at an APR of 20 percent. Interest is compounded quarterly. What is the actual rate (EAR) Mr. Banker is charging on his loans?

A. 20.00 percent

B. 21.05 percent

C. 21.55 percent

D. 22.05 percent

E. 23.25 percent

Reference no: EM132741642

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