Question: RKI Instruments borrowed $3,500,000 from a private equity firm for expansion of its manufacturing facility for making carbon monoxide monitors/ controllers. The company repaid the

RKI Instruments borrowed $3,500,000 from a private equity firm for expansion of its manufacturing facility for making carbon monoxide monitors/ controllers. The company repaid the loan after 1 year with a single payment of $3,885,000. What was the interest rate on the loan?

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