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For a loan quoted in days, the daily rate divides the annual rate by:
A465
B185
C365
D265
Answer & Solution
Correct answer: C. 365
1. A year is taken as this many days.
2. The convention is called Actual by 365.
3. The annual rate is divided by 365.
_Source: OpenStax 'Contemporary Mathematics', Ch 6 'Money Management' (CC BY)_
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