Problembarcain credit corp wants to earn an effective, Ask an Expert

Accounting

Problem:

Barcain Credit Corp. wants to earn an effective annual return on its consumer loans of 15 percent per year. The bank uses daily compounding on its loans.

Required:

Question: What interest rate is the bank required by law to report to potential borrowers?

Note: Provide support for rationale.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91168790

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