A loan for a new car costs the borrower .8% per month. What is the EAR?
A. .80%
B. 6.87%
C. 9.6%
D. 10.03%
Answer: D. 10.03%
1.00812 - 1 = 10.03%
A loan for a new car costs the borrower .8% per month. What is the EAR?
A. .80%
B. 6.87%
C. 9.6%
D. 10.03%
Answer: D. 10.03%
1.00812 - 1 = 10.03%