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 Fundamentals of Engineering
Examination Sample Questions General Engineering.
