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in ALECTO CO, when we calculate effective interest rate, we multiply 12 and divide by 5 which is the loan/deposit period in months.
i do not actually understand this method of calculating effective interest rate even after i watched OT videos…
is there more simpler way to understand ?….
is it like we multiply 12 months to get how much a company has to pay for the whole months and divide by 5 months which is the loan/deposit period to allocate for each month ?
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