Effective Interest Rate
In the field of Finance and economics, Effective interest rate refers to the interest rate derived from the nominal interest rate in which the annual compound interest is payable in arrears. Unlike the annual interest rate, effective interest rate is not defined by any legal or regulatory authority. Effective rate of interest for calculation purpose, if an investment specifies an nominal interest rate of 5% which is calculated six monthly. In this case, a principle of $100 will earn $5 in the first six months and $5.2 in the next six months. So the total interest comes to $10.2 which means when the nominal interest rate was 5%, the effective interest rate for duration of one year was 10.2%.
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