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0 eBook Van Buren Resources Inc. is considering borrowing $90,000 for 169 days from its bank. Van Buren will pay $3,000 of interest at
0 eBook Van Buren Resources Inc. is considering borrowing $90,000 for 169 days from its bank. Van Buren will pay $3,000 of interest at maturity, and it will repay the $90,000 of principal at maturity. Assume that there are 365 days per year. a. Calculate the loan's annual financing cost. Round your answer to two decimal places. % b. Calculate the loan's annual percentage rate. Round your answer to two decimal places. % c. What is the reason for the difference in your answers to Parts a and b? The -Select- does not consider compounding effects. AFC APR O 0 1m Iron Key Check My Work (10 remaining)
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