If you go to the bank for a loan, and you were quoted an interest rate equal to 7 percent per year, that interest rate is:

Name: If you go to the bank for a loan, and you were quoted an interest rate equal to 7 percent per year, that interest rate is:
Brand: Quizplus
Rating: 4.9 (55 reviews)

Question

Quizplus · Accepted Answer

The nominal interest rate is the stated interest rate before any adjustments for inflation or compounding. In this case, the quoted interest rate of 7 percent per year is the nominal interest rate.

If You Go to the Bank for a Loan, and You