Question
17 Kenneth's Arrows and Bows borrows $7,000 for one year at an 13% annual interest rate. What is the effective rate of interest if the
17
Kenneth's Arrows and Bows borrows $7,000 for one year at an 13% annual interest rate. What is the effective rate of interest if the loan is discounted? (Use 360 days in a year.)
Multiple Choice
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Less than 14.0%
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More than 14.0% but less than 15.1%
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More than 15.1% but less than 16.0%
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More than 16.0%
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The Preppers Financial Guide
Authors: Jim Cobb
1st Edition
1612434037, 978-1612434032
