Schoolboy q is planning to borrow 20000 for one year paying, Ask an Expert

Finance

Schoolboy Q is planning to borrow $20,000 for one year, paying interest in the amount of $1,600 to a bank. Calculate the effective annual interest rate if the interest is paid:

a. At the end of the year

b. At the beginning of the year (discount loan)

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92355145

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