Effective vs. Nominal Rate Homework Help
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The amount of the interest which is due for a particular period as a proportion of the amount which is lent or the amount which is borrowed by an organisation is known as the rate of interest. There are various factors on which the total interest on the total amount which is lent and the total amount which is borrowed depends such as the principal on which the rate of interest is supposed to be applied the compounding frequency, and the period of time over which it is lent, etcetera. Rate of interest are again divided into sub categories namely the nominal interest rate, real interest rate and the effective interest rate. In the following section of the Effective vs. Nominal Rate Homework Help would help in understanding the differences between the effective and nominal rates of interests in a detailed manner.
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Nominal interest rate and effective interest rate
Out of the three categories of the rate of interests the simplest one is the nominal rate of interest in terms of concept. Nominal interest rate is defined as the interest which is stated for a particular principal amount for a bond or a loan and it is also known as the coupon rate for the fixed income investments since it is the interest rate which is guaranteed by the issuer that is the bondholders. In simpler terms the nominal interest rate is defined as the actual monetary price which the borrowers have to pay to the lenders so as to user their money. For further information kindly refer Effective vs. Nominal Rate Homework Help.
The effective interest rate explained in Effective vs. Nominal Rate Homework Help is given below
The effective interest rate otherwise known as the effective annual rate or the annual equivalent rate is defined as the interest rate which is restated form the nominal interest rate which was earlier implemented on the long or the financial product which the company tends to have and it is supposed to be paid annual compound interest which is payable in arrears. A nominal rate of interest which has a compounding period of less than a year is always lower than the equivalent rate which has annual compounding. In Effective vs. Nominal Rate Homework Help, the definition of different varieties of interest rates would be discussed in detail. The effective interest rate is always calculated on a year that is it is compounded annually. Nominal interest rates for different loans are not comparable unless they have equal compounding periods whereas effective interest rates tend to be dependent on other criteria as well along with the compounding year for them to be comparable such as the local regulations, interest rates which are quoted by the lenders.
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