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Determine the annual effective interest rate on the loan

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Reference no: EM13506743

Suppose a business borrows $100,000 for one year. The lender quotes a 6 percent annual interest rate that's compounded semi-annually (twice a year). Determine the annual effective interest rate on the loan.

You may find the following form helpful.

Half-Year

Half-Year Start of Period

Interest at ?%

Loan Balance at End of Period

First

$100,000.00

 

 

Second

 

 

 

 

Reference no: EM13506743

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