What is the effective annual rate

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Question: You plan to apply for a loan from Bank of America. The nominal annual interest rate for this loan is 12.2 percent, compounded daily (with a 365-day year). What is the effective annual rate, or EAR (annual percentage yield), of this loan? The response must be typed, single spaced, must be in times new roman font (size 12) and must follow the APA format.

Reference no: EM132036234

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