Question

If an eight-day single payment loan has a periodic interest rate of 11.1%, what is the approximate effective interest rate of the loan?

Answer 1

Effective interest rate= Daily interest rat = Annual interest rate/number of days in a year

Annual interest rate = 11.1%
Number of days in a year = 365

Therefore,
Effective interest rate = 11.1/365 = 0.03%

Answer 2

12,081.6% for apex,.........,,.,.,.,.,.,