If an instalment plan quotes a monthly interest rate of 4%, the effective annual/yearly interest rate would be _____________. 4% Between 4%

Question

If an instalment plan quotes a monthly interest rate of 4%, the effective annual/yearly interest rate would be _____________. 4% Between 4% and 48% 48% More than 48%

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Neala 4 years 2021-08-27T10:46:19+00:00 1 Answers 1141 views 0

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  1. Eirian
    -1
    2021-08-27T10:48:09+00:00
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    Answer:

      More than 48%

    Explanation:

    If the interest is computed monthly on the outstanding balance, it has an effective annual rate of …

      (1 +4%)^12 -1 = 60.1% . . . .  more than 48%

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