help with question please

timer Asked: Aug 26th, 2014
account_balance_wallet $5

Question Description

 the effective APR may be different that the stated APR because

compounding occurs more often than once a year.

extra fees are added to most loans.

banks are allowed to hide the real cost of borrowing.

 the APR assumes semiannual compounding.

Tutor Answer

School: Duke University

 the APR assumes semiannual compounding.

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