Answer:
The effective interest rate of the loan is 165.963342%
Step-by-step explanation:
Given periodic interest rate, i = 9.3% = 0.093
The number of days, n = 11.
Effective Interest Rate, R = (1+i)ⁿ -1
R = (1 + 0.093)¹¹ -1
R = (1.093)¹¹ -1
R = 2.65963342 -1
R = 1.65963342
Effective Interest Rate Percentage = R*100 = 165.963342%.
Hence, the effective interest rate of the loan is 165.963342%.
