Effective annual interest rate calculation formula:
The actual interest rate is equal to 1 plus the nominal interest rate (percent divided by the number n of compound interest per year) and the power of n minus 1.
Effective interest rate = (1 + nominal interest rate / n) n - 1
Effective monthly interest rate calculation formula:
The effective monthly interest rate is equal to the nominal annual interest rate divided by the number of periods per year n:
Validity rate = nominal annual interest rate / n
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