A software development company lent $20,000 to an employee for two years. If interest of $880 was

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A software development company lent $20,000 to an employee for two years. If interest of $880 was charged on this loan amount for the entire time period, calculate the effective interest rate of the loan.

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Mathematics Of Business And Finance

ISBN: 9781927737545

4th Edition

Authors: Larry Daisley, Thambyrajah Kugathasan, Diane Huysmans

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Question Posted: Aug 30, 2024 09:05 AM

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A software development company lent $20,000 to an employee for two years. If interest of $880 was

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Mathematics Of Business And Finance

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