Question

If an 11-day single payment loan has a periodic interest rate of 9.3%, what is the approximate effective interest rate of the loan?

Answer 1

Below is the answer I hope it helps:

Effective Rate per Period:
I = 9.7033%

Rate per Compounding Interval:
P = 0.84545%
Figure the effective interest rate per period given the ostensible financing cost per period and the quantity of exacerbating interims per period.

Answer 2

Answer:

1812.0% is the APEX answer. Hope this helps!!