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1. Calculating APR Calzon Credit Corp. wants to earn an effective annual return on its consumer loans of 6.20 percent per year. The bank uses daily compounding on its loans. What interest rate is the bank required by law to report to potential borrowers? APR:____________%

2. Calculating EAR Last National Bank charges 6.25 percent compounded monthly on its business loans. First Diversified Bank charges 6.30 percent compounded semiannually. As a potential borrower, which bank would you go to for a new loan?

Effective rate of 6.25 percent compounded monthly: ____________%

Effective rate of 6.30 percent compounded semiannually: _____________%

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Financial Management, Finance

Category:- Financial Management
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