1) The going rate of student loans is quoted as 8 percent APR. The terms of...
1) The going rate of student loans is quoted as 8 percent APR. The terms of the loans call for monthly payments. What is the effective annual rate (EAR) on such a student loan?
Homework Answers
n = 12 (since there are 12 months in a year)
EAR = 1.083 - 1
EAR = 0.0830
EAR = 8.30%
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1) The going rate of student loans is quoted as 8 percent APR.
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