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The effective interest rate is the term used to describe an interest rate levied on a loan or financial service which is repeated from the nominal interest rate in the form of an interest rate along with annual compound interest.
It is compounded on a yearly basis. It is calculated in the given way:
R = (1 + i/n) to the power of n -1. Where r = effective annual rate, i = nominal rate
n = number of compounding periods on annual basis
It is compounded on a yearly basis. It is calculated in the given way:
R = (1 + i/n) to the power of n -1. Where r = effective annual rate, i = nominal rate
n = number of compounding periods on annual basis
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