A loan-shark company provides
loans and charges an interest of 5% per month. If the interest is
compounded monthly, the effective interest rate for the year most
nearly is
60.00%
64.34%
78.58%
79.58%
HINT
This question of the day was provided by the
courtesy of Professor
Autar Kaw of the
University of South Florida
from the book FE Practice Exam With Complete Solutions
