15.00%
0.60%
10.00%
1.67%
✅ The correct answer is A.
Finance company providing loans at 3% with five compounding periods per year, nominal annual rate is classified as 15.00% i.e, 3% × 5 = 15.00%.
Finance company providing loans at 3% with five compounding periods per year, nominal annual rate is classified as 15.00% i.e, 3% × 5 = 15.00%.