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22-10-2020
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6-13 Calculating APR [LO4] Find the APR, or stated rate, in each of the following cases: a.An effective interest of 6% compounded semiannually

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24-10-2020

Answer:

APR = 5.9126%

Explanation:

Given:

Effective interest rate = 6% = 0.06 (compounded semiannually)

Find:

APR

Computation:

Compounded semiannually

APR = 2[(1+r)⁰°⁵- 1]

APR = 2[(1+0.06)⁰°⁵- 1]

APR = 0.05912

APR = 5.9126%

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