USA Effective Interest Rate


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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.
 
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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.

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