What is the nominal daily interest

Reference no: EM13333743

Bank interest is 10% APR compounded daily for a nominal year (360 day).

(a) (9 pts) What is the nominal daily interest?

(b) (9 pts) If you borrow $10,000 and repay with quarterly payment over 5 years, what is your effective interest rate per quarter?

Reference no: EM13333743

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