If an 11 day single payment loan has a periodic interest rate of 9.3%, what is the approximate effective interest rate of the loan ?

The effective interest rate of the loan is 165.963342%

Step-by-step explanation:

Given periodic interest rate, i = 9.3% = 0.093

The number of days, n = 11.

Effective Interest Rate, R = (1+i)ⁿ -1

R = (1 + 0.093)¹¹ -1

R = (1.093)¹¹ -1

R = 2.65963342 -1

R = 1.65963342

Effective Interest Rate Percentage = R*100 = 165.963342%.

Hence, the effective interest rate of the loan is 165.963342%.

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step-by-step explanation:

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