Any one can help how to calculate Effective interest rate for a period... 6.5% is flat rate ... EIR suppose to be is 11.79%... How to arrive 11.79%... the formula in the internet is won't give answer... i need formula... to arrive.
USA Effective Interest Rate
- Thread starter EdwardGan
- Start date
- Joined
- Apr 25, 2017
- Messages
- 58
- Reaction score
- 4
- Country
The effective annual interest rate is the real return on a savings account or any interest-paying investment when the effects of compounding over time are taken into account. It also reveals the real percentage rate owed in interest on a loan, a credit card, or any other debt.
It is also called the effective interest rate, the effective rate or the annual equivalent rate.
It is also called the effective interest rate, the effective rate or the annual equivalent rate.