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Answer to Question #233744 in Civil and Environmental Engineering for Alan Enrico V Tuib

Question #233744
At the Central Furniture Company, customers who buy on credit pay an effective annual interest rate of 16.1%, based on monthly compounding. What is the nominal annual interest rate that they pay?
1
Expert's answer
2021-09-14T01:54:00-0400


Customers who buy on credit pay an effective annual interest rate of 16.1%, based on monthly compounding then the nominal annual interest rate that they pay will be 15%.

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