CORRECT TEXT
A bank charges a 4% quarterly interest rate on a personal loan of $10,000
What is the effective annual amount of interest that the borrower pays on this loan? Give your answer to the nearest whole dollar.
Answer: $404
CORRECT TEXT
A bank charges a 4% quarterly interest rate on a personal loan of $10,000
What is the effective annual amount of interest that the borrower pays on this loan? Give your answer to the nearest whole dollar.
Answer: $404