NAB offers a car loan that will require you to pay 8% per annum, compounded weekly. Which of the following is the closest to the effective annual rate charged by the bank? (round to 2 d.p.) a. Effect annual rate of 8.00% b. Effect annual rate of 8.16% c. Effect annual rate of 8.24% d. Effect annual rate of 8.32%

NAB offers a car loan that will require you to pay 8% per annum, compounded weekly. Which of the following is the closest to the effective annual rate charged by the bank? (round to 2 d.p.) a. Effect annual rate of 8.00% b. Effect annual rate of 8.16% c. Effect annual rate of 8.24% d. Effect annual rate of 8.32%

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 22PROB

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