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Your bank will lend you $4,000 for 45 days at a cost of $50 interest. What is your effective rate of interest?

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Your bank will lend you $4,000 for 45 days at a cost of $50 interest. What is
your effective rate of interest?

If you borrow $12,000 at $900 interest for one year, what is your effective
interest rate for the following payment plans?
a. Annual payment.
b. Semiannual payments.
c. Quarterly payments.
d. Monthly payments.

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3. Your bank will lend you $4,000 for 45 days at a cost of $50 interest. What is your effective rate of interest?

Effective Rate of Interest = ...

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