The rate of interest agreed upon contractually charged by a lender or promised by a borrower is ________theinterest rate.
A) nominal
B) discounted
C) continuous
D) effective

Name: The rate of interest agreed upon contractually charged by a lender or promised by a borrower is ________theinterest rate. A) nominal B) discounted C) continuous D) effective
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Question

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The nominal interest rate is the rate agreed upon contractually by a lender and borrower, not accounting for compounding or inflation.

The Rate of Interest Agreed Upon Contractually Charged by a Lender