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12 February, 20:50

If an eight-day single payment loan has a periodic interest rate of 11.1%, what is the approximate effective interest rate of the loan?

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  1. 12 February, 22:22
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    Effective interest rate = Daily interest rat = Annual interest rate/number of days in a year

    Annual interest rate = 11.1%

    Number of days in a year = 365

    Therefore,

    Effective interest rate = 11.1/365 = 0.03%
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