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Business Mathematics Study Set 1
Quiz 9: Compound Interest: Further Topics and Applications
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Question 281
Short Answer
If an interest rate of 8.9% compounded semiannually is charged on a car loan, what effective rate of interest should be disclosed to the borrower?
Question 282
Short Answer
A furniture company has decided to drop the effective rate on its credit card by 2%. The store currently charges a periodic rate of 1.85% per month. What new periodic rate should the store advertise?