Effective annual return on consumer loans

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Reference no: EM131976650

Vandermark Credit Corp. wants to earn an effective annual return on its consumer loans of 17.5 percent per year. The bank uses daily compounding on its loans.

What interest rate is the bank required by law to report to potential borrowers? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16. Use 365 days in a year.)

Interest rate %

Reference no: EM131976650

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