If the effective annual rate of interest is known to be 16.08% on a debt that has quarterly payments,what is the annual percentage rate?
A) 4.02%
B) 10.02%
C) 14.50%
D) 15.19%

Name: If the effective annual rate of interest is known to be 16.08% on a debt that has quarterly payments,what is the annual percentage rate? A) 4.02% B) 10.02% C) 14.50% D) 15.19%
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Question

Quizplus · Accepted Answer

APR = [(1.1608)^0.25 − 1] × 4APR = 0.1519, or 15.19%

If the Effective Annual Rate of Interest Is Known to Be