Melanie is looking for a loan. She is willing to pay no more than an effective rate of 9.955% annually. Which, if any, of the following loans meet Melanie's criteria?
Options:
Loan A: 9.265% nominal rate, compounded weekly
Loan B: 9.442% nominal rate, compounded monthly
Loan C: 9.719% nominal rate, compounded quarterly
Answers:
a. B only
b. A and C
c. A and B
d. None of these fit Melanie's criteria.
Answers (1)
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