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A firm needs $45,000 to purchase inventory. The bank requires monthly payment of simple interest ...

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A firm needs $45,000 to purchase inventory. The bank requires monthly payment of simple interest ...

A firm needs $45,000 to purchase inventory. The bank requires monthly payment of simple interest with a principal repayment at the end of each year. With a quoted annual interest rate of 15%, what is the effective annual interest rate? Assume 360 days per year and 30 days per month.

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14.25%

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15.00%

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15.79%

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16.08%

Textbook

Financial Management: Theory and Practice

Edition: 4^th

Authors: Brigham, Ehrhardt, Gessaroli, Nason

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