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fallllllohme
fallllllohme fallllllohme
  • 05-05-2016
  • Mathematics
Answered

What is APR=(1+i/12)^t-1

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taskmasters
taskmasters taskmasters
  • 15-05-2016

The given formula is the Effective Annual Percentage rate formula where i signifies the nominal interest in terms of month. This formula is used in converting nominal interest rate to an effective interest rate since nominal interest rates are hard to compare unless their period are on the same basis.

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