Principal: $17,600 Interest rate: 12% Compounded quarterly Calculate the effective rate (APY) of interest for 1 year.

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03-10-2021
Mathematics

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Principal: $17,600 Interest rate: 12% Compounded quarterly Calculate the effective rate (APY) of interest for 1 year.

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ewomazinoade ewomazinoade · Answer 1 · 2022-06-15T20:00:01+02:00

The effective rate of interest for 1 year is 12.55%.

What is the effective rate of interest?

The effective rate of interest is the actual interest rate that is paid on a loan. It takes into account the effect of compounding on the value of the interest rate.

Effective annual rate = (1 + APR / m ) ^m - 1

M = number of compounding

( 1 + 0.12 / 4)^4 - 1 = 12.55%

To learn more about the effective annual rate, please check: https://brainly.com/question/4064975

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