Mathematics, 23.11.2019 23:31 jjgymnast5779
Mike is looking for a loan. he is willing to pay no more than an effective rate of 8.000% annually. which, if any, of the following loans meet mike’s criteria?
loan x: 7.815% nominal rate, compounded semiannually
loan y: 7.724% nominal rate, compounded monthly
loan z: 7.698% nominal rate, compounded weekly
a. y only
b. x and z
c. y and z
d. none of these meet mike’s criteria.
Answers: 2
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Mike is looking for a loan. he is willing to pay no more than an effective rate of 8.000% annually....
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