What Is the EAR for a $100 Loan When the Interest

question 69

Multiple Choice

What is the EAR for a $100 loan when the interest is compounded monthly and the stated annual interest rate is 6.00 percent?

• A)6.00 percent
• B)6.39 percent
• C)6.17 percent
• D)7.52 percent
• E)8.21 percent

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Definitions:

CCA Rating

Cold Cranking Amps rating, indicating the ability of a battery to start an engine in cold temperatures, typically at 0°F.

Deep-cycling

A process of discharging a battery completely before recharging it, typically to increase its lifespan.

Rapid Charge

A method of quickly charging a battery to its capacity, often used in electric vehicles and mobile devices to decrease downtime.