What is the effective annual rate of the given loan

Reference no: EM132038698

Question: 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)

Reference no: EM132038698

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