Earn an effective annual return

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Barcain Credit Corp. wants to earn an effective annual return (EAR) on its consumer loans of 12 percent per year. If the bank uses daily compounding on its loans, what APR is the bank required to report (quote) to potential borrowers?

Reference no: EM13793296

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Earn an effective annual return : Barcain Credit Corp. wants to earn an effective annual return (EAR) on its consumer loans of 12 percent per year. If the bank uses daily compounding on its loans, what APR is the bank required to report (quote) to potential borrowers?

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