If the Effective Annual Rate of Interest Is Known to Be

question 6

Multiple Choice

If the effective annual rate of interest is known to be 16.08% on a debt that has quarterly payments,what is the annual percentage rate?

• A) 4.02%
• B) 10.02%
• C) 14.50%
• D) 15.19%

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Definitions:

Sociological Jurisprudence

A philosophical approach to law that focuses on the social effects of legal institutions, doctrines, and practices, by examining how the law influences society and how social phenomena impact the law.

Natural Law

a philosophy proposing that certain rights or values are inherent by virtue of human nature and can be universally understood through human reason.

Social Values

Principles and standards shared by a community that guide behavior and influence societal norms and the functioning of social institutions.

Ordinances

Local laws or regulations enacted by municipal governments to govern behavior and activities within their jurisdiction.