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What is the effective annual rate or ear of the loan

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Reference no: EM132543456

Question 1: You plan to apply for a loan from Bank of America. The nominal annual interest rate for this loan is 14.44 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.

Reference no: EM132543456

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