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A bank had offered to lend AGD Co $320000 for a period of five years at a before-tax rate of 10% per year with Interest payable every six months.
Required:
Caculate the annual percentage rate implied by the banks offer to lend at 10% per year with interest payable every six months. (Come from passed paper12/05)
I think APR?10? and EAR=(1+10%/2)²?1 but the answer told me APR=(1+10%/2)²?1
I feel very confused,am lright or the answer is right?
Thanks a lot!!!
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