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The quoted annual interest rate
How often interest is calculated and added to balance
p=12p = 12p=12
p=4p = 4p=4
p=52p = 52p=52
Divide by ppp: rac{ ext{Nominal rate}}{p}
R = 1 + rac{r}{100 imes p}
Actual % increase over one year, accounting for compounding
[(1 + rac{r}{100 imes n})^n - 1] imes 100%
Lower effective interest rate
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