Explain effective annual rate

Reference no: EM1317238

Bank Finance

Explain Effective annual rate

Steaks Galore needs to arrange financing for its expansion program. The bank offers to lend the required $1,000,000 on a loan which requires interest to be paid at the end of each quarter. The quoted rate is 10 percent, and the principal must be repaid at the end of the year. What is the effective annual rates (EFF%) charged by the bank?

Reference no: EM1317238

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