Find the APR, or stated rate, in each of the following cases. (Use 365 days in a

Question

Find the APR, or stated rate, in each of the following cases. (Use 365 days in a year. Enter rounded answers as directed, but do not use rounded numbers in intermediate calculations. Enter your answers as a percent rounded to 2 decimal places (e.g., 32.16).)

Find the APR, or stated rate, in each of the following cases. (Use 365 days in a year. Enter rounded answers as directed, but do not use rounded numbers in intermediate calculations. Enter your answers as a percent rounded to 2 decimal places (e.g., 32.16).)

Explanation / Answer

Annual percentage rate in an excel sheet can be calculated as follows

1. =NOMINAL(14.5%,2) = 14.01%

2. =NOMINAL(10.5%,12) = 10.03%

3. =NOMINAL(10.5%,52) = 9.99%

4. =NOMINAL(8.5%,365) = 8.16%

Here second argument is entered is number of periods in an year after compounding

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